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26 October, 11:20

Max has two options this weekend. He could work at his job and earn $7 per hour for three hours, or he could go to an exhibit at the art museum for that three hours. A ticket for the event costs $30. What is the opportunity cost of the event? $

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  1. 26 October, 12:02
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    The opportunity cost of the event $21.

    Explanation:

    Opportunity cost is the loss of alternative when someone chooses an alternative.

    Number of Hours = 3 hours

    Earning per hour = $7

    Total opportunity cost = $7 x 3

    Total opportunity cost = $21

    As Max has to bear the loss of $21 earning when he goes to the event in the museum. So this is his opportunity cost.
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