Homework Answers
Question
If Max goes to the event then, in that case, he would not be able to work at his job.
This means loss of earning for three hours.
Per hour wage of Max is $7.
So, in 3 hours, Max can earn ($7 * 3) $21.
By attending the event, Max has to forego earning of $21.
This foregone earning is the opportunity cost of the event.
Thus,
The opportunity cost of the event is $21.
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