Choose an example of opportunity cost that you are familiar with, whether it be real experience for you, something you read about, a scene in a movie or something you created in your own imagination.

Background Context: Rated one of the top watched TV Series in America, Deadliest Catch, features the crew of the Cornelia Marie out of Kodiak, Alaska, illustrating the hardships and complexity that come with Opilio crab fishing. During this particular episode, Captain and Father of the Cornelia Marie, Phil, has a stroke right before his crew's scheduled departure for the big fishing season. The responsibilities of captain have fallen to his eldest son, Josh, who is now faced with a difficult decision. Josh can proceed with the fishing season as planned or stay back with his ill father.

Question to Answer: What is the "rational" decision for Josh? Why? Be sure to answer using terms and concepts from your first lesson in economics.

Answer rating: 100% (QA)

The rational decision for Josh the eldest son of Captain Phil on the Cornelia Marie would be to stay ... View the full answer