Answer to Question #116033 in Microeconomics for Thomas Nkansah

Question

1. You plan a major adventure trip for the summer. You won’t be able to take your usual
summer job that pays $6,000, and you won’t be able to live at home for free. The cost of
your travel accomodations on the trip will be $3,000, gasoline will cost you $200, and
your food will cost $1,400. What is the opportunity cost of taking this trip?

Answer 1

opportunity cost= $6000+ free cost of living at home. thus, opportunity cost is $6000