Homework Answers
Answer 1 a : Opportunity cost is the cost of the next best alternative that has been foregone by the person in order to doing that activity or task. It is loss of other alternatives when other alternatives has been foregone.
b : Opportunity cost is the value of next best alternative foregone by the person . When a person watch singer X concert than the value of the opportunity cost is attending singer Y concert . Since person is willing to pay $50 in any day and ticket of singer Y is $40
So, opportunity cost of attending singer X concert =$50-$40 =$10
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question?
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