Shonda, who lives in Manhattan decides to go to a Broadway show (which is within a...
Shonda, who lives in Manhattan decides to go to a Broadway show
(which is within a walking distance from her apartment). The ticket
price is $150, and the entire activity will take 4 hours out of her
evening. Suppose Shonda earns $80 per hour as a freelance
photographer. She can take work at that pay rate whenever she
wants. What is Shonda’s opportunity cost of going to the
show?
Homework Answers
Opportunity cost is the total earning given up , in order to attend the show
= 80*4
= $ 320
since 4 hours are needed to attend the show, & $ 80 per hour is given up
as Opportunity cost is defined the cost of the second best alternative , that is not selected, in respect of the present choice
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