Opportunity cost; of your resources i.e. in the following example resources are money and time, is defined

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Question:

Opportunity cost; of your resources i.e. in the following example resources are money and time, is defined as "the value associated with the next best use of that resource (which you must give up to get something better)." Decisions you make to gain something in life, should reflect your opportunity cost, and not just your out-of-pocket costs. For example, if you decide to spend two hours of your time watching TV, the opportunity cost of your time is the value associated with its next best use (either studying or sleeping). So, what is vital here to this discussion is to consider & list your own circumstances/alternatives, not anybody else, then give a dollar value even to your time, to figure your unique opportunity cost for deciding the best alternative. Therefore, indeed this exercise will ask you to relate this concept to decision making.

Hit create a thread you will see it then post your responses to the following question in the Opportunity Cost discussion forum:

When the I-395 Express Lanes first opened in November 2019, the toll was expected to reach up to $30 for drivers in the Northbound lanes to travel a distance of only 8 miles during the morning rush hour.

Read the Washington Post story here.

Note: Link at the bottom, just in case and how to access the Article.

Using the principles of Opportunity Cost and Rational Decision Making, explain why (or why not) drivers might be willing to pay up to $30 to save 30 minutes of travel time during rush hour.

https://www.washingtonpost.com/local/trafficandcommuting/tolling-on-395-express-lanes-starts-sunday-heres-what-you-need-to-know/2019/11/16/07742088-07d4-11ea-818c-fcc65139e8c2_story.html