Kevin is considering going to a rock concert. The ticket will cost him need to spend $3 on gas to drive to the venue and $8 on parking. It w hours to get there, attend the concert, and come back. If Kevin did no concert, he would work as a waiter at a nearby restaurant and earn $: What is Kevin's opportunity cost of attending the concert? (Enter a w e.g., 123.)
Kevin is considering going to a rock concert. The ticket will cost him need to spend $3 on gas to drive to the venue and $8 on parking. It w hours to get there, attend the concert, and come back. If Kevin did no concert, he would work as a waiter at a nearby restaurant and earn $: What is Kevin's opportunity cost of attending the concert? (Enter a w e.g., 123.)
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter5: Consumer Choice: Individual And Market Demand
Section: Chapter Questions
Problem 3TY: Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves...
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Transcribed Image Text:Kevin is considering going to a rock concert. The ticket will cost him $56, and he will
need to spend $3 on gas to drive to the venue and $8 on parking. It will take him 3.
hours to get there, attend the concert, and come back. If Kevin did not go to the
concert, he would work as a waiter at a nearby restaurant and earn $15 per hour.
What is Kevin's opportunity cost of attending the concert? (Enter a whole number,
e.g., 123.)
$
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