Amy owns a photo developing shop. She also does contract photography. If she takes on a contract, she cannot develop photos in that time and her customers use another firm. Suppose Amy rejects a contract to photograph a wedding. This would have been a five hour job and Amy charges $500 per hour. She spent those five hours developing photos. Her chemicals and paper cost $1250. According to the information provided, what is the total opportunity cost that Amy incurred to spend her time developing photographs?
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Amy owns a photo developing shop. She also does contract photography. If she takes on a contract, she cannot develop photos in that time and her customers use another firm. Suppose Amy rejects a contract to photograph a wedding. This would have been a five hour job and Amy charges $500 per hour. She spent those five hours developing photos. Her chemicals and paper cost $1250. According to the information provided, what is the total opportunity cost that Amy incurred to spend her time developing photographs
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