1. Understanding opportunity costYou work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the county fair instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the fair (including the opportunity cost of time) is.

(A) $6

(B) $9

(C) $15

(D) $24

Option (D) is correct.

Explanation:

Given that,

Money income earned as a swimming assistant coach at university = $15 per hour

Admission fee for the county fair = $9

Here, the opportunity cost of skipping the practice is the loss of money income from the coaching.

Therefore,

Total cost of skipping practice:

= Money income lost for one hour + Admission fee for the county fair

= $15 + $9

= $24