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

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Business

Graham Duke

1 January, 05:27

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

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Arnav Liu · 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.