Paul is considering attending a concert. He estimates the ticket price will be $86, and the...
Paul is considering attending a concert. He estimates the ticket price will be $86, and the cost of driving to the concert and parking will total an additional $28. In order to attend the concert, Paul will have to take time off from his part-time job. He estimates that he will lose 4 hours at work, at a wage of $13.39 per hour. What is Paul's opportunity cost of attending the concert? Enter a number rounded to two decimal places.
Homework Answers
Ans. Paul's opportunity cost of attending the concert = Cost of going to the concert + Ticket price of concert + Labor wage lost
= $28 + $86 + 4 * $13.39 = $167.56
Thus, opportunity cost of attending the concert for Paul = $167.56
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