Incomplete question. The completed question reads;
The Northville School Board has proposed this budget for the upcoming school year:
20% for school staff’s salaries
50% for school maintenance and upkeep
10% to refurbish the gymnasium
5% to upgrade the computer lab hardware
10% for new instruments for the music department
5% for new sports equipment
After a brief discussion, the school board revised the budget as follows:
20% for school staff’s salaries
50% for school maintenance and upkeep
10% to refurbish the gymnasium
10% to upgrade the computer lab hardware
5% for new instruments for the music department
5% for new sports equipment
In this case, the opportunity cost for (refurbishing the gym, upgrading the computer lab, or getting new instruments.) was ( upgrading the new computer lab hardware, getting new equipment, or getting new instruments?
Answer:
<u>getting new instrument</u>
Explanation:
Note that the term opportunity cost refers to the value or the cost of not selecting/benefitting from the other alternative option.
Comparing both budgets, it is observable that the budget for computer lab hardware was increased by 5%; and that of musical instruments was reduced by 5% according to The Northville School Board order of preference (importance).
Thus, we can say that the board decided to forgo some of the amount spent on musical instruments, but decided to increase spending on computer hardware.
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