Your Classmates from the University of Chicago Are Planning to Go

question 59

Multiple Choice

Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfares are $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfares are $450. What is the opportunity cost of using the coupon for the Miami trip?

• A)$100
• B)$450
• C)$500
• D)$550

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Definitions:

Pepsi-Cola

A carbonated soft drink produced and manufactured by PepsiCo., characterized by its sweet flavor and known as one of Coca-Cola's main competitors.

Schema

A cognitive framework or concept that helps organize and interpret information in the mind, based on experience and prior knowledge.

Golden Triangle

A term for various globally recognized tripartite areas known for specific characteristics, such as being a hotspot for drug trafficking in Southeast Asia or a touristic route in India.

Sweet Spot

refers to an optimum point or combination of factors that produce the best results or effects.