Question

Taylor gives up a 5 hour shift at work to attend a concert. The ticket price is $30. At work, Taylor makes $15.00 an hour. To an economist, what is the cost to Taylor of attending this concert

Answer 1

The cost to Taylor of attending this concert is $105.

What is the cost?

The amount of money that an establishment spends on the creation or manufacturing of goods or services is referred to as cost.

The formula of calculating the cost are:

Attending the cost of the concert = Total implicit + Total explicit costs.

According to the given information,

Explicit cost is the price of ticket= $30

Implicit cost is the forgone wage =$15×5 = $75

Then,

Attending the cost of the concert =$30+$75=$105

Therefore, the attending cost of the concert  is $105.

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