You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35. A friend invites you to go kayaking. Rental kayak fees would cost you $25, and you think you’d get $25 worth of enjoyment. Your club ticket is nonrefundable. What is your opportunity cost (in dollars) of kayaking?

Opportunity cost refers to the forgone benefit because of choosing one alternative over another. So,…

Answered: You already have a ticket to a club…

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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You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35. A friend invites you to go kayaking. Rental kayak fees would cost you $25, and you think you’d get $25 worth of enjoyment. Your club ticket is nonrefundable. What is your opportunity cost (in dollars) of kayaking?

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