I am trying to understand the Opportunity cost. Can anyone help me please? I can't seem to get Economics, I really need help. You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and, instead, go to the county fair, which has an admission fee of $9.

Question

I am trying to understand the Opportunity cost. Can anyone help me please? I can't seem to get Economics, I really need help.  You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and, instead, go to the county fair, which has an admission fee of $9.

anonymous · Answer

I think that maybe you meant to have a little more at the end there, but if the question is, what is the opportunity cost of going to the fair, I think it can figured out as followed. First, by going to the fair, you are giving up the opportunity to be doing something else with that time. In this case, that something else would be coaching for an hour, and receiving $15. However, that's not all. You are spending $9 to get into the fair. So you are losing $15 by not working, and $9 by paying to go to the fair, so the opportunity cost is the sum of those two things $9+$15=24.

anonymous · Answer

First of all opportunity cost best alternative that is forgone. Doing a something has lots of alternatives and those are my opportunity cost. your opportunity cost of going to the fair is $15 and you also had to pay $9 extra so your total opportunity cost is $24 in total..........