Question

You plan a major adventure trip for the summer.You won't be able to take your ususal summer job that pays $6000,
and you won't be able to live at home for free.The cost of your travel accomodations on the trip will be $3000,
gasoline will cost you $2000,and your food will cost $1400.What is the opportunity cost of taking this trip?

Answer 1

Answer:

Opportunity cost is the cost of sacrificing one option to gain an advantage by choosing another option. Opportunity cost is the cost of parting with the second-best alternative available. In the above case to execute the plan of an adventure trip, the benefits of staying at home and summer job are forgone. The cost borne to go on the adventurous trip is the opportunity cost. This opportunity cost can be both monetary and non-monetary.

The opportunity cost can be calculated by adding the cost of sacrificing summer job ($6000)and the implicit cost of living free at home

Explanation:

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