You are the administrator for a Rehab facility. An organization for alcohol addicts has requested that...
You are the administrator for a Rehab facility. An organization for alcohol addicts has requested that you rent out a portion of the clinic that is currently empty at no cost (so rent is $0). This is because they believe renting the room won't cost the facility anything since the space not being used anyway. Is the cost of the empty space really zero? Explain why or why not.
Homework Answers
No, the cost of the empty space is not zero
This is because it involves opportunity cost in the form of rents foregone had this empty space been given out for rent or lease. This involves the cost of the next best alternative foregone.
Just because the space is empty right now does not mean its cost is zero. There are opportunity costs involved.
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