What is the opportunity cost of the student who spent three hours and $20 at the...
What is the opportunity cost of the student who spent three hours and $20 at the movies the night before an exam?
Homework Answers
Opportunity cost is the benefit forgone that could have obtained if some other alternative has been chosen.
In this case, the student forgoes 2 things while watching the movie before exam. Firstly the money that he spent on movie could be spent somewhere else and secondly 3 hours time which he could have spent on studies.
Hence,
Opportunity cost
= $20 spent on movie+ 3 hours of time which he could have spent on studies.
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