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In a small town, there's a mousepad factory which employs workers at $10 an hour, for...

In a small town, there's a mousepad factory which employs workers at $10 an hour, for forty-hour weeks. There is an old composer in town, who expects to complete an opera in about 9 months time. On the other hand, if he were not composing, he would give harp lessons, and charge his students $12 an hour. What is his opportunity cost in writing his opera? Explain the assumptions you made in deriving this answer

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Answer - The opportunity cost is the cost of next best alternative. If the composer were not writing the opera , he would have taught the lessons. But due to writing he will sacrifice the money he would have earned . This would come out to be-

9 * 30 * 24 * 12 = $ 77760

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