Mankiw’s Ten Principles of Economics
Opportunity cost is the value of the next best alternative in a decision. Imagine that you have
$150 to see a concert. You can either see “Hot Stuff” or you can see “Good Times Band.”
Assume that you value Hot Stuff‘s concert at $225 and Good Times‘ concert at $150. Both
concerts cost $150 per ticket, but it would take you a couple of hours to drive to Hot Stuff‘s
concert and you have to be in school (the next) morning for an exam. Good Times‘ concert is
right here in town. Explain how you would assess the opportunity cost of seeing Good Times
in concert. What is the opportunity cost of going to Good Times‘ concert?
Develop a response that includes examples and evidence to support your ideas, and which
clearly communicates the required message to your audience. Organize your response in a
clear and logical manner as appropriate for the genre of writing. Use well-stmctured
sentences, audience-appropriate language, and correct conventions of standard American
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