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You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If you don't buy the book, you could watch a movie (the benefit from which you value at $27). The price of a movie ticket is $10. What is the opportunity cost of buying the book? Enter a number only, without the $ sign.

You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If you don't buy the book, you could watch a movie (the benefit from which you value at $27). The price of a movie ticket is $10. What is the opportunity cost of buying the book? Enter a number only, without the $ sign.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter1: Ten Principles Of Economics
Section: Chapter Questions
Problem 2CQQ
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You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If you don't buy the book, you could watch a movie (the benefit from which you value at $27). The price of a movie ticket is $10. What is the opportunity cost of buying the book? Enter a number only, without the $ sign. 27 34 OC of the book is the value of resources spent on the book (i.e. dollars)+ the net benefit from the next best alternative. The book uses $17 worth of resources. The net benefit from the movie is value from the movie-cost of the movie.
Transcribed Image Text:You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If you don't buy the book, you could watch a movie (the benefit from which you value at $27). The price of a movie ticket is $10. What is the opportunity cost of buying the book? Enter a number only, without the $ sign. 27 34 OC of the book is the value of resources spent on the book (i.e. dollars)+ the net benefit from the next best alternative. The book uses $17 worth of resources. The net benefit from the movie is value from the movie-cost of the movie.
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