When the small business owner opts for the premium home delivery service, the opportunity cost includes the higher monetary expense compared to purchasing groceries in-store. However, this choice allows for significant time savings, which the owner can invest in their business or personal activities. In contrast, buying groceries in-store incurs a lower financial cost but also demands time and effort for shopping, which may detract from other important responsibilities or opportunities. Ultimately, the trade-off hinges on the value of time versus money, determining which option aligns better with the owner's priorities and needs.
A busy small business owner is considering purchasing groceries through a premium home
delivery service because of its convenience. The service provides the best groceries and costs
significantly more than buying groceries in the store, but home delivery is an attractive feature.
Examine the opportunity costs and trade-offs of the small business owner choosing to buy
groceries through this premium home delivery service. Compare your findings with the opportunity
costs and trade-offs if the small business owner were to choose buying groceries in the store
instead. Write 3-5 sentences. (4 points)
1 answer