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DerKrebs [107]
4 years ago
11

Thursday night your favorite artist is preforming for FREE at your favorite local venue. Friday at school you have your first EC

ON test for which you need to study. What is your opportunity cost if you decide to stay home and study for your ECON test?
Social Studies
1 answer:
forsale [732]4 years ago
6 0

Answer:

The opportunity cost is the value of the Free ticket fee, the pleasure you would derive from going to your favorite venue, and the joy in seeing your favorite artist.

Explanation:

Opportunity cost is defined as the value or benefit of the forgone alternative in the course of making a decision. In this case, you are either faced with enjoying yourself at the event where your best artist will be performing at your favorite venue and at no cost and then performing badly on your ECON test on Friday, or sit back and study on Thursday so you can pass your test and then forget the event. Hence once you choose to study, the opportunity cost is the value of the ticket fee, the pleasure you would derive from going to your favorite venue, and seeing your favorite artist. Missing an autograph from your favorite artist can also be considered part of the opportunity cost.

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