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The Cost of Something - Essay Example

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The opportunity cost of going to Good Times’ concert is the Hot Stuff’s show because the former is the first best alternative for me after looking both costs of my actions. If I value the concerts $225 and $150 respectively, I would lose $75 for choosing Good Times Band…
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The Cost of Something
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The Cost of Something

Download file to see previous pages... I guess there’s more to gain. According to swlearning.com, decision-makers have to consider both the obvious and implicit costs of their actions. Based on Merriam-webster.com, obvious means seen, on the other hand, the word implicit signifies unexpressed idea but has the capability of being understood.
Firstly, to have a better picture of it, $75 economic profit that I supposed to receive from watching the Hot Stuff’s concert is the obvious cost of my decision. On the contrary, the fuel and energy that I will save, plus the extra time I can go back to my lessons for the exam the following day are the implicit costs of a wrong decision. So, watching the Good Times Band give me a sigh of relief, there’s no more thinking of driving a long way home and I won’t cram anymore for a last-minute scanning of notes. Anyway, decisions like this are not an easy task as always. Without examining the cost, or without understanding the concept of economics by Gregory Mankiw, I might have chosen the Hut Stuff band because I value it higher than the other one. Simply analyzed, Hut Stuff is my favorite, but they are rather both the best bands. Consumers and decision-makers must be aware of the “seen” and “unexpressed” costs of their actions economically. What would be more than $75 gain? Or is it a gain or loss? Well, one can only tell if the unexpressed cost is disclosed. The latter has been defined as capable of being understood, although it’s hidden but it can be recognized in the point of making decisions. One must not be a genius of arithmetic, solving the costs entails the basic math equation which are addition and subtraction, together with the right estimates of value of the implied benefits. How can I value the fuel or the fare? Well, it’s getting obvious by now. How much is the gasoline right now? Or how much is the bus fare? How about the energy I can save for not spending much of it for a long drive or trip? What is the value of getting a good ...Download file to see next pagesRead More
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