Question

You work as an assistant coach on the university basketball team and earn $14 per hour. One day, you decide to skip the hour-long practice and go to the movie theater instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the movies (including the opportunity cost of time) is

Answer 1

Answer: The total cost (valued in dollars) of skipping practice and going to the movies (including the opportunity cost of time) is $23

Explanation: Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen).

Here , you choose to skip work which pays $14 per hour and instead decide to attend a hour-long movie at an admission fee of $9. Therefore the total cost of skipping practice and going to movies is $14+$9=$23.