For each of the following, describe the opportunity cost when you decide to do each activity.
Go to the beach or study for an exam
Get a job after high school or go to college
Leave early for school or eat breakfast
Go to the movies or complete your portion of a group project
Go to a party at a friend’s house or go home early on a school night

The opportunity cost of going to the beach is lost time to study for the exam

The opportunity cost of going to college is the lost earnings from getting a paying job after high school

The opportunity cost of eating breakfast is arriving late to school

The opportunity cost of going to the movies is not completing your portion of the group project

The opportunity cost of going to a party at a friend's house on a school night is the inability to wake up early the next morning

Explanation:

An opportunity cost is the lost benefit attached to choosing one option over  another. The scenarios given require the consequences which occur as a result of not choosing one option of the two alternatives presented. In each of the given cases, the foregone benefit varies depending on the option selected.

To compute the cost of materials into finished goods, you should add your assets needed to create your finished good.

For instance, to make a box full of kittens, I need to gather my material, Box, and Kittens. I find a farm selling or giving free kittens, cost = free. Then I get a box from the recycling center, cost = free. Then I label my box and tape it up. The roll of tape is good for about 25 boxes and costs 8$. 25/8 = $3.13 per box and the labels cost, we'll say 2 cents per box. And we'll say one marker to write on the label costs 5 cents per box. So you pay $3.20 per box and sell each box for $5. Your cost of production is $3.20.