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Sagot :
Assuming Carl considers studying the best alternative use of his time, his opportunity cost of attending the concert equals will be $85
First step
Loss of money income= 5 hours × $6 per hour
Loss of money income= $30
Second step.
Expenses for attending the concert= $35 + $20
Expenses for attending the concert= $55
Now let determine the opportunity cost of attending the concert
Opportunity cost=$30+$55
Opportunity cost = $85
Inconclusion Assuming Carl considers studying the best alternative use of his time, his opportunity cost of attending the concert equals will be $85
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