Question

QUIZLET Brenda buys a ticket for a Sharks game for $60. The night before the game her friend offers her a free ticket to a Warriors game, which she thinks is worth $80 more than going to the Sharks game. She looks online and sees that she could sell her ticket to the Sharks game for $30. What is the opportunity cost to Brenda of going to the Sharks game?

Answer 1

Answer:

The costs of opportunity are described as that of the cost of the overlooked nearest best option. A further explanation is given below.

Explanation:

In basic terms, we could conclude that the quantity of several other goods as well as services to be lost to receive more than one good becomes considered the opportunity cost of such a commodity.

• Brenda has two alternatives throughout the specified case, one to go out to the Sharks game as well as the other is to go to the Warriors game.
• The happiness of going to something like the Sharks game seems to be worth $60 to Brenda whereas going to either the Warriors game is $80 more, which also indicates that Brenda needs to even go to the Warriors game around $140.
• The cost of both the opportunity to even go to the Sharks game seems to be the loss of utility resulting from either the forgotten Warriors game, in other words, 140.
• The price including its forget Sharks game seems to be the opportunity point of paying to either the Warriors game, for example, 60. Ticket purchases offer $30 worth of gratification, but this is not the only choice.