Question

During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $8,000 for the summer. Your tuition cost is $3,000 and books and course supplies $1,500. In terms of dollars, the opportunity cost of attending summer school is ________.

Answer 1

Answer:

$8,000

Explanation:

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

Because I decided to attend summer school, I forgoed the opportunity of working and earning income. Therefore, my opportunity cost is the amount of income I would have earned if i chose to work instead.

I hope my answer helps you