You work as an assistant coach on the university basketball team and earn $15 per hour. One day, you decide to skip the hour-long practice and, instead, go to the local carnival, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is. A.$6

B.$9

C.$15

D.$24

Question

Miko

Business

24 March, 19:33

You work as an assistant coach on the university basketball team and earn $15 per hour. One day, you decide to skip the hour-long practice and, instead, go to the local carnival, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is. A.$6

B.$9

C.$15

D.$24

+3

Answers (1)

Know the Answer?

Jacey Wood · Answer 1

Option (D) is correct.

Explanation:

Opportunity cost refers to the benefit that is foregone from the second best alternative.

Here, the total cost of skipping the practice includes both explicit cost and implicit cost.

Implicit cost is also known as the opportunity cost.

So,

Total cost = Explicit cost + Implicit cost

= Carnival admission fee + Money income would have been earned

= $9 + $15

= $24