Question

You work as an assistant coach on the university basketball team and earn $11 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $8. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is

Answer 1

$19 plus additional $11 per hour if you decide to stay longer in the carnival.

Step-by-step explanation:

The initial cost of this decision would be the 8 dollars that the entrance to the carnival costs. But because an opportunity cost was incurred (failing to receive the income generated as a coach in the basketball team) so the opportunity cost is 11 dollars, this added to the cost of entry gives us a Total cost of $ 19 for the decision made.

564/5000

The initial cost of this decision would be the 8 dollars that the entrance to the carnival costs. But because an opportunity cost was incurred (failing to receive the income generated as a coach in the basketball team) so the opportunity cost is 11 dollars, this added to the cost of entry gives us a total cost of $ 19 for the decision made

Note: This only if you are in the carnival for an hour, if you are longer, the opportunity cost will increase $11 for each hour of income not perceived as a basketball coach