What is the opportunity cost in this scenario?
Mikael has saved $4,000 for his to 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 realizes 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.

Opportunity Cost is an alternative forgone which a person or an individual give up or forgone in order to choose other available alternative when making a decision which inturn may result in the loss of gain that would have been derived if the alternative forgone was choosing.

Example of opportunity cost is giving up

on buying movies tickets for a textbook.

Therefore the opportunity cost in this scenario is Sightseeing.

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