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vodomira [7]
3 years ago
13

You own a building that has four possible uses: a cafe, a craft store, a hardware store, and a bookstore. The value of the build

ing in each use is $2,000; $3,000; $4,000; and $5,000, respectively. You decide to open a hardware store. The opportunity cost of using this building for a hardware store is
Business
1 answer:
Svetlanka [38]3 years ago
7 0

Answer:

The opportunity cost = $2.5

Explanation:

Given:

You own a building that has four possible uses: a cafe, a craft store, a hardware store, and a bookstore. The value of the building in each use is $2,000; $3,000; $4,000; and $5,000, respectively.You decide to open a hardware store.

<u>Question asked:</u>

The <u>opportunity cost of using this </u><u>building for a hardware store</u> ?

<u>Solution:</u>

As we know:

Opportunity\ cost =\frac{What\ you\ sacrifice}{What\ you\ gain} \\ \\

What you sacrifice = Value of a cafe + Value of a craft store + Value of a bookstore

                              = $2000 + $3000 + $5000 = $10,000

What you gain = Value of a hardware store

                        = $4000

Thus, the opportunity cost of using this building for a hardware store is $2.5

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