Question

The owner of a small retail store does her own accounting work. How would you measure the opportunity cost of her work?

Answer 1

Answer:

The owner of a small retail store does her own accounting work. How would you measure the opportunity cost of her work? The economic, or opportunity, cost of doing accounting work is measured by computing the monetary amount that the owner's time would be worth in its next best use.

Answer 2

Answer:

The economic, or opportunity, cost of doing accounting work is measured by computing the monetary amount that the owner's time would be worth in its next best use.