Taylor gives up a 5 hour shift at work to attend a concert. The ticket price is $30. At work, Taylor makes $15.00 an hour. To an

Question

Inessa05 [86]

3 years ago

7

Taylor gives up a 5 hour shift at work to attend a concert. The ticket price is $30. At work, Taylor makes $15.00 an hour. To an

economist, what is the cost to Taylor of attending this concert

Business

1 answer:

Jlenok [28] · Answer 1 · 2023-02-19T03:33:21+03:00

The cost to Taylor of attending this concert is $105.

The amount of money that an establishment spends on the creation or manufacturing of goods or services is referred to as cost.

<u>The formula of calculating the cost are</u>:

Attending the cost of the concert = Total implicit + Total explicit costs.

According to the given information,

Explicit cost is the price of ticket= $30

Implicit cost is the forgone wage =$15×5 = $75

Then,

Attending the cost of the concert =$30+$75=$105

Therefore, the attending cost of the concert is $105.

learn more about the cost, refer to:

brainly.com/question/15135554

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