MH ECONOMIC

Shortcut For Opportunity Cost

 Table of Contents
機會成本(OPPORTUNITY COST) .................................................................................................................... 3

機會成本的重點(THE MAIN CONCEPT OF OPPORTUNITY COST) ................................................................................... 5

答題框架 (ANSWER FRAME) ......................................................................................................................... 9

2 分題 (2-POINT QUESTION) ................................................................................................................................... 9

4 分題 (4-POINT QUESTION) ................................................................................................................................. 10

試題練習 EXERCISE: .................................................................................................................................... 12

2
機會成本(Opportunity Cost)
Definition: Opportunity Cost is the highest-valued option forgone.
定義: 機會成本指被放棄的選擇中，價值最⾼的⼀項。

Due to scarcity, we cannot satisfy all desires with the same amount of resource
simultaneously. Therefore, we have to make choice among alternative uses of certain
resources. Once a choice is made, we have to give up other wants. When we make choices,
opportunity cost exists.
由於稀少性(Scarcity)的出現，沒有任何⼈可以在同⼀時間、以同樣的資源去滿⾜他所有的慾
望，因此我們都要在有限資源作出選擇，選擇以某資源滿⾜某欲望，⽽放棄某欲望。 當作出
選擇的時候，都會涉及機會成本。

課堂練習⼀(Classwork 01):

David can choose to study in one of three streams in Form 4. His order of preference is
shown below :
⼩明升讀中四，可在三班中選讀其⼀。現根據他的喜好分列如下：
w First preference: Arts stream
第⼀喜好： ⽂科班
w Second preference: Business stream
第⼆喜好： 商科班
w Third preference: Science stream
第三喜好： 理科班

When David is in form 4, what is the opportunity cost of choosing Arts stream?
⼩明升讀中四時，選讀⽂科班的機會成本是什麼?

3
Due to time constraint, David cannot study all of streams at the same period, so he need
to make decision from the above alternatives. According to David’s preference, Art
stream is his choice. However, what is the opportunity cost? Business stream is an obvious
answer, not both of Business stream and Science stream, because business stream is the
highest-valued option forgone.
由於⼩明不可以在同⼀時間，選讀三個班別，所以⼩明需要在以上三個喜好中作出選擇，⽽根
據以上次序，⼩明會選擇修讀⽂科班，那麼⼩明在這選擇中放棄的最⾼選擇是什麼？顯⽽易⾒
是商科班，⽽⾮商科班+理科班或理科班，因為商科班是被放棄的選擇中，價值最⾼的⼀項。

Notice: The opportunity cost ONLY means the highest-valued option forgone, other
options are not opportunity cost.
注意: 只有被放棄⽽價值最⾼的選擇是機會成本，其他都不是機會成本。

4
機會成本的重點(The main concept of opportunity cost)
w Opportunity Cost changes only if there is a change in the value (quantity and/or quality)
of the second-choice option
w 只有次選的價值改變，機會成本才會改變

課堂練習⼆(classwork 02):

If there are three kinds of fruits David wants to buy, his preference are as follows.
假設⼤明有 3 種⽔果想買，他的喜好分別如下:
w First preference: an apple ($5 per unit)
第⼀喜好： 蘋果 (每個 5 元)
w Second preference: an orange ($5 per unit)
第⼆喜好： 橙 (每個 5 元)
w Third preference: A pear ($5 per unit)
第三喜好： 梨 (每個 5 元)

a. Assume that the price of the orange drops from $5 to $2.5, and David’s preferences
remains unchanged, orange is still a second choice. As the price of orange decreases,
the opportunity cost of choosing apple increases. (The opportunity cost rises from 1
orange to 2 oranges)
假設橙的價格由 5 元下降⾄ 2.5 元，⽽⼤明的喜好不變，橙仍是次選項⽬，由於橙的價格下
降，所以他選擇蘋果的機會成本上升。(機會成本由 1 個橙上升⾄ 2 個橙)

w Even if the value of the first preference changes, the opportunity cost still remains
unchanged.
w 即使⾸選的價值改變，機會成本亦是不變。

5
b. If the taste of apple is much better than David thinks, does the opportunity cost of
buying an apple change?
如果蘋果的味道⽐⼤明想像中好得多，他購買⼀個蘋果的機會成本有沒有改變?

No, the taste of apple will only increase the value of purchasing apple, but it does not
affect the value of orange. Therefore, the opportunity cost of buying Apple remains
unchanged.
不會，因為蘋果的味道只會提升⼤明購買蘋果的價值，但不影響橙的價值，因此購買蘋果的機
會成本沒有改變。

w The change in the value of other options does not lead to the opportunity cost changes.
w 其他選項價值改變，機會成本亦是不變。

c. Suppose that the price of pears drops from $5 to $1, does the opportunity cost of
buying an apple change?
假設梨的價格由 5 元下降⾄ 1 元，⽽喜好沒有改變，你購買⼀個蘋果的機會成本有沒有改
變?

No, because the pear is not the highest-valued option forgone..

不會，因為不是被放棄的選擇中，價值最⾼的⼀項。

w The paid resources are not costs (such as past expenditures)

w 已付出的資源不是成本 (如過往的開⽀）

6
w Although HKEAA has stated that it is not necessary to use the term of “suck cost”,
students should understand that suck costs are not accounted in opportunity costs.
When calculating the opportunity cost, we often make choices from today or in the
future. “Suck Cost” implies our opportunity cost of decision-making in the past.
w 雖然考評局表⽰無須運⽤「既往成本」⼀詞，但同學亦要明⽩既往成本是不計算在機會成
本之內，沉沒成本係指已經付出且不可收回的成本，所以於理性假設下，⼈們計算機會成
本時，往往都是要在今天或未來作出選擇。

7
w Opportunity costs can be explicit and implicit cost
w 機會成本可以分為顯性成本和隱含成本

w Full Cost = pecuniary cost(explicit cost) + non-pecuniary cost(implicit cost)

w 全部成本 = ⾦錢成本(顯性成本) + ⾮⾦錢成本(隱含成本)

w The most important example of non-pecuniary costs (implicit costs) is time cost, which
can also be calculated in terms of money, such as the abandoned income.
w ⾮⾦錢成本(隱含成本)最重要的例⼦是時間成本，⽽時間成本亦可以以⾦錢計算的，例如所
放棄的收⼊計算。

Suppose you have three hours free. Your order of preference to use the time is as follows:
假設你三⼩時的閒暇時間，⽽如何運⽤這三⼩時的喜好次序如下：
w 1st choice: watch a film in cinema
⾸選：去戲院看電影
w 2nd choice: watch TV programme
次選：在家看電視節⽬
w 3rd choice: read a chapter of the economics textbook
第三選：讀經濟學的課本

a. If the price of ticket of the film is $100, what is the cost of watching a film in cinema?
如果電影的票價是 100 元，則你看電影的機會成本是甚麼?

Answer :
Full Cost = pecuniary cost(explicit cost) + non-pecuniary cost(implicit cost)
全部成本 = ⾦錢成本(顯性成本) + ⾮⾦錢成本(隱含成本)
⼀= 100 + 在家看電視節⽬(watch TV programme)

8
答題框架 (Answer Frame)
2 分題 (2-point question)
STEP 1: Opportunity cost increases/decreases/remains unchanged
機會成本上升/下降/不變
STEP 2: because XXX(topic) increases/decreases the value of opportunity cost
因為 XXX(題⽬情況)會令機會成本的價值上升/下降

Example:
Mr. Chan wants to study economics or literature at The Chinese University of Hong Kong
to prepare for the future. If the expected salary in the literature industry declines, will the
opportunity cost of studying economics be affected? (2 marks)
陳先⽣想在香港中⽂⼤學修讀經濟或⽂學，為未來⼯作做好準備。若⽂學界的預期⼯資下降，
他選讀經濟學的機會成本會否受影響。 (2 分)

Answer:
The opportunity cost decreases, because the reduction of the expected salary in literature
industry decreases the value of studying literature.
機會成本下降，因為⽂學界的預期⼯資下降會令被放棄的選擇中價值最⾼的那⼀項，即在⼤學
選修⽂學系的價值下降。

9
4 分題 (4-point question)
STEP 1: point out the opportunity cost in the question
指出題⽬中的機會成本是什麼
STEP 2: Provide an example of opportunity cost/What is Full cost
⽐機會成本的例⼦/什麼是全部成本
STEP 3: How does the problem affect the value of opportunity cost
問題的情景如何影響機會成本的價值
STEP 4: Opportunity cost increases/decreases/remains unchanged
機會成本上升/下降/不變

Ming’s order of preference of using his money is shown below :

⼩明處理他的⾦錢有如下的喜好：
w First preference : Investment in Bitcoins
第⼀喜好： 投資⽐得幣
w Second preference : Time deposit in banks
第⼆喜好： 在銀⾏做定期存款
w Third preference : Purchasing luxury goods
第三喜好： 購買奢侈品
To simulate consumption and investment, the government imposed an interest tax on
bank deposits. Explain whether Ming’s opportunity cost of investment in Bitcoins would
change. (4 marks)
為⿎勵消費及投資⾏為，政府對定期存款開徵存款利息稅，解釋⼩明選擇投資⽐得幣的機會成
本會否因⽽改變。 （4 分）

10
Answer: The opportunity cost of investment in Bitcoins is the value of time savings in
banks, for example, the interest returns on savings in banks. A saving tax on interest
reduces the value of time savings in banks, which lower the opportunity cost of
investment in Bitcoins.
答案: 投資⽐得幣的機會成本是在銀⾏做定期存款的價值，例如定期存款的利息，政府收取存
款利息稅令定期存款的價值下降，即投資⽐得幣的機會成本下降。

11
試題練習 Exercise
1. Famous electric vehicle company launches a new model of electric vehicle. Since the
function of a new electric vehicle is better than ever, many people spend hours in
accessing the website of this company. If the resale value of the new model falls, the
opportunity cost of buying the new model through the website will decrease. Do you
agree? Explain your answer.
1. 知名電⼦汽⾞公司推出最新款的電動汽⾞。由於性能較以往要好，因此有⼈等候數⼩時登⼊
該公司的網站。若該電⼦汽⾞的轉售價格下跌，透過網站購買最新款的電動汽⾞的機會成本會
下跌。你同意嗎？解釋你的答案。 (3 marks)

12
2. Serine May is working in the Hong Kong, she is considering the next step in her career.
She has several options and her order of preference is as follows:
2. ⼩美在香港⼯作，她正在考慮其事業的下⼀步發展。她有數個選項，其優先次序如下:
w First option: working in Cuba.
第⼀選項: 前往古巴⼯作
w Second option: to switch to other local firm with better working environment.
第⼆選項: 轉去⼀家⼯作環境更好的本地企業⼯作
w Third option: to stay in the current firm.
第三選項: 繼續於這間企業⼯作

a. Explain whether the opportunity cost of choosing second option will necessarily
remain unchanged.
解釋在下列情況下，揀選第⼆選項的機會成本是否必然維持不變:
(i) If the level of social unrest in Cuba is more severe.
假若古巴社會更為動盪
(ii) if she wants to work in better working environment.
假若⼩美更渴望於良好環境⼯作

13