Tuesday, February 21, 2012
Opportunity Cost
For the past few months, I have been getting back into the swing of practicing playing my guitar. I do this for anytime between 15 minutes to 2 hours every night. As you can see, the range of an opportunity cost is quite wide. Therefore, I have come up with multiple option B's that are of equal value. I could be studying, although, I don't consider that something I would do in my free time but it is an option that sometimes I do choose and is quite valuable. I could be spending more time with my numerous pets by playing with them, walking them, cleaning their cages more often than once a week. I could also clean, which depending on if I'm doing a full room clean or just my desk, or closet, could take minutes to hours to days. However, this isn't as valuable of an option because I work in an organized by messy environment and it suits me well. I would only choose this option if an outside source was impacting me to choose so (mother). Another option would be hanging out with friends, which I haven't done most of my high school career and have been trying to do a lot of this year. All of these options would be valued as time: how much time do each of these require and how does that correlate to the time I spend practicing on my guitar.
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