Question

You recently got a job as an usher at the nearby movie theater. Last night, you had the opportunity to work but decided to take your very first vacation day. Suppose you could have earned $10 per hour for three hours of work. Instead, you went to a movie yourself, where you spent $11 on a ticket and popcorn. Your opportunity cost to see the movie was _________.

Answer 1

Answer:

The money you could have earned working at the movie theater which was $30.

Explanation:

The opportunity cost is the cost by not receiving the benefit of the alternative you didn't choose. In this case, the opportunity cost to see the movie is the benefit you could have received if you had choosen to work at the movie theater which was $10 per hour for 3 hours that is $30.

Answer 2

The opportunity cost to see the movie will be $41.

Opportunity cost refers to the forgone benefit which would have been benefit from a transaction, option or purchase not chosen.

Opportunity cost = Foregoing cost + Cost at movie

Opportunity cost = ($10 * 3 days) + $11

Opportunity cost = $30 + $11

Opportunity cost = $41

In conclusion, the opportunity cost to see the movie will be $41.

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