how to compute implicit explcit and opportunity costs., Ask an Expert

Economics

jamal has a flexible job. he can work everyday but is allowed to take a day off anytime he wants. his friend Don suggests they go to the amusement park on tuesday.
the admission charge for the park is $15 per person and it will cost them $5 each for gas and parking. Jamal loves amusements parks and a day in the park is worth $45 to him however jamal also enjoys his job so much that he would be willing to pay $10 per day to do it.
a- if jamal earns $10 if he works should he go to the amusement park?
b-if jamal earns $15...?
c-if jamal earns $20...?

please explain how to calculate implicit explcit and opportunity costs.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9274306

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