Homework Answers
Opportunity cost can be defined as the cost of next best alternative forgone. In other words, we can say that it is the amount of other goods and services that must be sacrificed to obtain more of any one good.
In the given case, going to skiing involves cost of $95(rental cost of equipment) + $72(lift ticket)= $167
However, if he spend his Saturday studying at library, it will earn him a value of $62.
He has to forgo the alternative of studying at library and value associated with it, if he had to go to skiing. This states that his opportunity cost of going skiing will be $62.
(This has nothing to do with the cost of skiing jacket as it has already been purchased.)
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