Denasia is planning a cruise to the Bahamas and has a budget for new evening wear of $400. The average price for a pair of shoes
is $50 while the average price for an evening dress is $100. If Denasia already has 3 dresses purchased for her cruise, what is the opportunity cost of buying one more dress?
1 answer:
Answer:
The opportunity cost of buying 1 more dress is 2 pairs of shoes
Explanation:
In the graph attached to this question below, it is seen that when Denasia purchases 3 dresses, he has 4 pairs of shoes. Now if he wants to purchase 1 more dress, he has to sacrifice 2 pairs of shoes.
Thus, the opportunity cost of buying 1 more dress is 2 pairs of shoes.
Note: Kindly find an attached image of the graph as a part of the solution to the question below.
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