ECO 202 University of Maryland Opportunity Cost Discussion
Our academic writers are ready and waiting to assist with any assignment you may have. From simple essays to full dissertations, you're guaranteed we've got a writing expert to perfectly match your needs.
Order a Similar Paper
Order a Different Paper
Opportunity cost of your resource is defined as “the value associated with the next best use of that resource (which you must give up).” Decisions you make should reflect your opportunity cost, and not just your out-of-pocket costs. For example, if you decide to spend two hours of your time watching TV, the opportunity cost of your time is the value associated with its next best use (studying, sleeping, or another use).
This exercise will ask you to relate this concept to decision making. When the I-395 Express Lanes first opened in November 2019, the toll was expected to reach up to $30 for drivers in the Northbound lanes to travel a distance of only 8 miles during the morning rush hour. Read the Washington Post story here (Links to an external site.).
Post your responses to the following question in the Opportunity Cost discussion forum.
Initial Response: Using the principles of Opportunity Cost and Rational Decision Making, explain why (or why not) drivers might pay up to $30 to save 30 minutes of travel time during the rush hour.
Note: You will not see other students’ responses until you post your own.
Contribution to Discussion: After you have posted your response, review the posts of your other classmates. Add to your original post and answer this question: How much would you pay to use the HOT lane and why?
Do you need help with this or a different assignment? In a world where academic success does not come without efforts, we do our best to provide the most proficient and capable essay writing service. After all, impressing professors shouldn’t be hard, we make that possible. If you decide to make your order on our website, you will get 15 % off your first order. You only need to indicate the discount code GET15.
Order a Similar Paper Order a Different Paper