e higher fare because he or she is going to be working for a client in Chicago and will be paid $100 per hour while there. The college student does not have the luxury of having any extra money, and therefore cannot see paying the higher rate to travel to Chicago for his or her break. Opportunity cost is the most essential measure of justification for reallocation of any person's given resources, including (but not limited to) time, money, and talent. People often say that they are "richer in time than in money". The bottom line is always that, no matter what you're doing, you could be doing something else. Opportunity cost should be a consideration every time someone chooses to sleep in and miss class, or every time that someone takes off work for a day. Vacation, after all, is the most common exercise of someone making a judgment regarding opportunity cost. Price discrimination is a significant and influential practice on the market in the modern economic world. It aids in a firm's profit maximization scheme, it allows certain consumers with more scarce resources the opportunity to purchase goods or services that would otherwise be usable, and it aids firms in balancing what is and what is not sold. Price discrimination is an effective means by which a firm can sell a higher quantity of goods, make a higher profit margin on the goods it sells, and builds a broader consumer base due to differing price elasticity of demand for given goods and services. Price discrimination ultimately equalizes price and value for both the consumer and the firm, creating a more ideal situation for both entities in terms of preference and opportunity cost. Bibliographyhttp://www.wired.com/news/story/18656.htmlinfousa.com/toolkit/home/text/po3_5230.htmwww.researchinfo.com/wwwboard/messages/7633.htmlwww.mhht.com/economics/frank4/student/appendixes/appendix4.htmlagriculture.house.gov/glossary/price_elasticity_of_demand.htmwww.nets.kz/ilia.nets.kz/p_text.ht...
