Asked by Ruchi Gupta on Sep 23, 2024
Jim is planning on attending a football game.He spent $40 on the ticket.He will have to take the day off losing 8 hours of work.His hourly wage is $10.He estimates it will cost him around $20 for gas and parking at the game.Jim's total economic cost of attending the game equals
A) $80
B) $40
C) $60
D) $140
Economic Cost
The total cost of choosing one action over another, including both the explicit financial cost and the opportunity cost.
Hourly Wage
Compensation paid to employees based on the number of hours worked, typically expressed as an amount of money per hour.
Parking
The act of stopping and disengaging a vehicle and leaving it unoccupied.
- Compute economic gain, taking into account both opportunity costs and explicit costs.
Learning Objectives
- Compute economic gain, taking into account both opportunity costs and explicit costs.