In 2015 the U.S. Supreme Court was hearing a case about a federal rule to promote reduced electricity use. In discussing this rule, Chief Justice John Roberts related the regulation to the pricing of hamburgers:“If FERC is basically standing outside McDonald’s and saying, ‘We’ll give you $5 not to go in,’ and the price of the hamburger is $3 . . . the price of a hamburger is actually—I think most economists would say—$8, because if they give up the $5, they’ve still got to pay the $3.”Is he correct that the true opportunity cost of a hamburger is now $8? What is the explicit cost of the hamburger? What is the additional opportunity cost of eating the hamburger?
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