Question

A friend offers you a ticket to a Chicago Cubs baseball game for $40. You know you can sell the ticket to another friend for $50. What is the opportunity cost of buying the ticket but then choosing to go to the game?

Answer 1

Answer:

$50

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

If I decide to go to the game, I forgot the opportunity of selling the ticket for $50 which is the next best use of the ticket.

I hope my answer helps you