Dexter decides to buy a new smartphone and offset the cost by selling his old phone to one of his friends. His friend has no money and wants to barter for the old phone. Dexter’s preference for the items offered is in this order: laser printer, television, headphones, and bicycle. If Dexter accepts the laser printer as payment, what is his opportunity cost of this exchange?

Question

02-08-2019
Business

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Dexter decides to buy a new smartphone and offset the cost by selling his old phone to one of his friends. His friend has no money and wants to barter for the old phone. Dexter’s preference for the items offered is in this order: laser printer, television, headphones, and bicycle. If Dexter accepts the laser printer as payment, what is his opportunity cost of this exchange?

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Dryomys Dryomys · Answer 1 · 2019-08-12T06:54:07+02:00

Answer: The answer is as follows:

Explanation:

Opportunity cost refers to the benefit of a commodity that is forgone to produce one extra unit of some other commodity.

It is also refers to the value of next best alternative that is given up by choosing some other alternative.

Here, if Dexter accepts the laser printer as payment then the opportunity cost of this exchange is the value of next best alternative and that is television.