ted to) time, money, and talent. People often saythat they are "richer in time than in money". The bottom line is alwaysthat, no matter what you're doing, you could be doing something else.Opportunity cost should be a consideration every time someone choosesto sleep in and miss class, or every time that someone takes off work fora day. Vacation, after all, is the most common exercise of someonemaking a judgment regarding opportunity cost. Price discrimination isa significant and influential practice on the market in the moderneconomic world. It aids in a firm's profit maximization scheme, itallows certain consumers with more scarce resources the opportunity topurchase goods or services that would otherwise be usable, and it aidsfirms in balancing what is and what is not sold. Price discrimination isan 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 broaderconsumer base due to differing price elasticity of demand for givengoods and services. Price discrimination ultimately equalizes price andvalue for both the consumer and the firm, creating a more idealsituation for both entities in terms of preference and opportunity cost. ...
