What Is the opportunity cost in this scenarlo? Mikael has saved $4,000 for his CO trip to Brazil. He has calculated that his total transportation expenses will be $1,000. The hotel will cost him
another $1,500. He will spend about $500 on food. He plans on spending the remaining $1,000 for sightseeing and buying souvenirs.
While booking his plane ticket, he realizes that the price
has gone up. HIs total transportation expenses will go up by $200. He reallzes that he
cannot cancel his hotel reservation. He also doesn't want to go cheap on food. Finally, he decides to give up visiting the popular Ouro Preto
during his stay In Brazil.
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