ECON 1001 Lecture Notes - Lecture 4: Opportunity Cost, Canadian Dollar

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Is the extra effort/extra fertilizer worth what you will get from the carrots: examples of opportunity costs, lobsters: the price of lobsters has increased a lot this year. The opportunity cost of selling the lobster in canada is the price they could get selling it somewhere else. By selling that lobster to the independent in sackville, its giving up the opportunity to pack it up and send it to the states. Selling them to the usa is an opp cost of selling them locally: going to university: books are opp cost, tuitio(cid:374) fees, lost i(cid:374)(cid:272)o(cid:373)e (cid:894)does(cid:374)"t show up o(cid:374) the (cid:271)ooks(cid:895).

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