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Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend cost $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that will have to miss if you go skiing, which pays you $120 (after tax) for the one weekend day that you work. What is the opportunity cost of going skiing? Do you need any other information before computing the opportunity cost? 

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91630699

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