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12 February, 16:17

Ben has two options this weekend. He could work at his job and earn $8 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. 12 February, 18:06
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    Opportunity cost = - $54

    Explanation:

    Giving the following information:

    He could work at his job and earn $8 per hour for three hours, or he could go to an exhibit at the art museum for those three hours. A ticket for the event costs $30.

    The opportunity cost is the "cost" of not taking other alternatives.

    Opportunity cost = total revenue - economic profit

    Opportunity cost = - 30 - 24 = - $54
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