Question

scenario 13-2 kachina owns a computer consulting business to help senior citizens learn how to use their ipads. kachina charges $25 per hour for her services. she also works 5 hours a week for the economics department to maintain the department's web page. the economics department pays kachina $20 per hour. refer to scenario 13-2. if kachina can work additional hours at either job, what is the opportunity cost if she spends one hour reading a book?

Answer 1

The $25 per hour opportunity cost, which represents a lost best option, is $25.

What is an example of opportunity cost?

Time spent studying and money used for other purposes are the opportunity costs.Wheat is planted by a farmer;Planting a different crop or making a different use of the resources (land and farm equipment) is an example of the opportunity cost.

What is the simple definition of opportunity cost?

The value of what you must give up in order to choose something else is known as the opportunity cost in economics.

What exactly does opportunity cost mean?

The value of what you lose when choosing between two or more options is called the opportunity cost.There are trade-offs in every option, and the opportunity cost is the potential advantages you will miss out on if you choose one path over another.

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