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1. Understanding opportunity cost

1. Understanding opportunity cost

Suppose you are currently employed as an assistant coach on a college lacrosse team and earn an hourly wage of $23. One night you decide to miss an optional one-hour practice and go to a concert instead, which costs $12.

The total dollar cost of missing work and going to the concert, including the opportunity cost of your time, _____________________

Answer:

$35 Correct

Explanation

The opportunity cost of a choice includes both the monetary amount paid and the value of your time given up by making that choice over another. By skipping practice, you forgo earning your hourly wage of $23 per hour, so this is the opportunity cost of your time. You also choose to pay $12 to get into a concert. So your,

opportunity cost in dollars = $23+$12=$35

1. Understanding opportunity cost

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