larkinc6838 larkinc6838

22-01-2020
Business

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You have the afternoon free. You have a choice between going to the movies with a friend or studying economics for three hours. If you go to movies, you will spend $8.00 on a ticket and $4.50 on popcorn. If you choose to study economics for three hours, you will raise your exam grade by 10 points. What is your opportunity cost of going to the movies?

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shahzaibnaeem37 shahzaibnaeem37

22-01-2020

Answer:

The opportunity cost of going to the movies is raising exam grade by 10 points.

Explanation:

Opportunity cost for doing something is what you have to give up for it, so in this case the opportunity cost of going to the movies will be what we are giving up for it. In this scenario we are giving up studying 3 hours and raising our exam grade b y 10 points so the opportunity cost of going to the movies is raising exam grade by 10 points.

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