ZuoTi.Pro
Question

Paul is considering attending a concert. He estimates the ticket price will be $86, and the...

Paul is considering attending a concert. He estimates the ticket price will be $86, and the cost of driving to the concert and parking will total an additional $28. In order to attend the concert, Paul will have to take time off from his part-time job. He estimates that he will lose 4 hours at work, at a wage of $13.39 per hour. What is Paul's opportunity cost of attending the concert? Enter a number rounded to two decimal places.

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ans. Paul's opportunity cost of attending the concert = Cost of going to the concert + Ticket price of concert + Labor wage lost

= $28 + $86 + 4 * $13.39 = $167.56

Thus, opportunity cost of attending the concert for Paul = $167.56

0 0
Add a comment
Know the answer?
Add Answer to:
Paul is considering attending a concert. He estimates the ticket price will be $86, and the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Paul is considering attending a concert. He estimates the ticket price will be $99, and the...

    Paul is considering attending a concert. He estimates the ticket price will be $99, and the cost of driving to the concert and parking will total an additional $23. In order to attend the concert, Paul will have to take time off from his part-time job. He estimates that he will lose 4 hours at work, at a wage of $11.49 per hour. What is Paul's opportunity cost of attending the concert? Enter a number rounded to two decimal places

  • Question 51 167 pts Paul is considering attending a concert. He estimates the ticket price will...

    Question 51 167 pts Paul is considering attending a concert. He estimates the ticket price will be $90, and the cost of driving to the concert and parking will total an additional $22. In order to attend the concert, Paul will have to take time off from his part-time job. He estimates that he will lose 4 hours at work, at a wage of $10.87 per hour. What is Paul's opportunity cost of attending the concert? Enter a number rounded...

  • You buy a hat at the local mall for $10.92 and the store paid a factory...

    You buy a hat at the local mall for $10.92 and the store paid a factory in Mexico $3.68 to produce the hat. What is the contribution to our GDP? Enter a number rounded to two decimal places. « Previous Next Assume the population is 246 million. 52 million are under the age of 16,53 million are stay at home spouses, 21 million are full time college students with no job, 29 million are retired, 22 million are unemployed, and...

  • Conflict and Negotiation. Paul, 33 years of age graduated with a Master’s degree in Geology from...

    Conflict and Negotiation. Paul, 33 years of age graduated with a Master’s degree in Geology from McGill University in 2002. Since graduation he had worked for a small oil exploration company in Newfoundland. He enjoyed the work, his boss and peers but there was limited opportunity for advancement. He was recently married to a girl from Ontario and just discovered he was about to be a father. Paul decided it was time to explore new employment opportunities. A short time...

  • And there was a buy-sell arrangement which laid out the conditions under which either shareholder could...

    And there was a buy-sell arrangement which laid out the conditions under which either shareholder could buy out the other. Paul knew that this offer would strengthen his financial picture…but did he really want a partner?It was going to be a long night. read the case study above and answer this question what would you do if you were Paul with regards to financing, and why? ntroductloh Paul McTaggart sat at his desk. Behind him, the computer screen flickered with...

  • 1. Emilio buys pizza for $10 and soda for $2. He has income of $100. His...

    1. Emilio buys pizza for $10 and soda for $2. He has income of $100. His budget constraint will experience a parallel outward shift if which of the following events occur? a. The price of pizza falls to $5, the price of soda falls to $1, and his income falls to $50. b. The price of pizza rises to $20, the price of soda rises to $4, and his income remains the same. c. The price of pizza falls to...

  • FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...

    FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...

  • Case 2: Going to The X-Stream Gil Reihana is the chief executive officer of X-Stream, an...

    Case 2: Going to The X-Stream Gil Reihana is the chief executive officer of X-Stream, an Auckland-based company that assembles personal computers for the New Zealand and Australian markets, and sells them through a number of chain stores and independent retailers. He started the company six years ago, at the age of 25, after graduating from university with a Bachelor’s degree in Information Technology and Management. To establish the company, Reihana invested $300 000 he had inherited and persuaded various...

  • this is all the information given Personal Financial Planning Mini-Case Jeff and Mary Douglas, a couple...

    this is all the information given Personal Financial Planning Mini-Case Jeff and Mary Douglas, a couple in their mid-30s, have two children - Paul age 6 and Marcy age 7. The Douglas' do not have substantial assets and have not yet reached their peak earning years. Jeff is a general manager of a jewelry manufacturer in Providence, RI while Mary teaches at the local elementary school in the town of Tiverton, RI. The family needs both incomes to meet their...

  • Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor...

    Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT