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# \$5.00Microeconomics-opportuny cost

Found in Economics: Microeconomics
Chapter 1, # 0
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Answer each of the following questions using economic theory covered in this lesson. Make sure you back up you answers with a few sentences or a paragraph justifying your answer. 1.You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays \$6,000, and you won’t be able to live at home for free. The cost of your travel on the trip will be \$3,000, film and videotape will cost you \$200, and your food will cost \$1,400. What is the opportunity cost of taking this trip? 2.The university has built a new parking garage. There is always an available parking spot, but it costs \$1 per day. Before the new garage was built, it usually took 15 minutes of cruising to find a parking space. Compare the opportunity cost of parking in the new garage with that in the old parking lot. Which is less costly and by how much?

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\$5.00
Microeconomics-opportuny cost
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• Posted on Mar. 28, 2011 at 08:35:32AM
A:
Preview: ... f taking trip is 6000\$ salary and free home. If you take a trip instead of working, you will spend \$(3000+200+1400)= 4600\$ .These are explicit opportunity costs because ...

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