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17 January, 10:34

When computing the opportunity cost of attending a basketball game you should include

a. neither the price of the ticket nor the value of your time?

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  1. 17 January, 10:40
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    Answer: The price you pay for the ticket and the value of your time.

    Explanation: Opportunity cost is the cost of the next best alternative that is foregone. It can be calculated as the cost of the alternative chosen plus the cost of the alternative which is not chosen. So, when going for a basket ball game, the opportunity cost will include the price of the basketball game ticket as well as the value of your time. Since you could have utilized this time in doing something else more productive. So, even you time has an opportunity cost.

    Thus, the correct option is price you pay for the ticket and the value of your time.
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