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?

Question

Rosa Sheppard

Business

4 September, 16:47

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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Answers (1)

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Addisyn Pittman · Answer 1

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