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Gregory is considering attending a concert with a ticket price of​ $40. He estimates that the cost of driving to the concert and parking there will add an additional​ $20. In order to attend the​ concert, Gregory will have to take time off from his partminustime job. He estimates that he will lose 5 hours at​ work, at a wage of​ $8 per hour.​ Gregory's opportunity cost of attending the concert equals.

Respuesta :

Answer:

$100

Explanation:

Opportunity cost refers to the benefit that is sacrificed by selecting some other option or alternative.

Loss of money income:

= 5 hours × $8 per hour

= $40

Expenses for attending the concert:

= Ticket price + Parking cost

= $40 + $20

= $60

Therefore, the opportunity cost of attending the concert is as follows:

= Wages that would have been earned +  Expenses to attend the concert

= $40 + $60

= $100

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