Jim is planning on attending a football game.He spent $40 on the ticket.He will have to take the day off losing 8 hours of work.His hourly wage is $10.He estimates it will cost him around $20 for gas and parking at the game.Jim's total economic cost of attending the game equals

Question

​Jim is planning on attending a football game.He spent $40 on the ticket.He will have to take the day off losing 8 hours of work.His hourly wage is $10.He estimates it will cost him around $20 for gas and parking at the game.Jim's total economic cost of attending the game equals

Quizplus · Accepted Answer

Jim's total economic cost includes the ticket price ($40), the opportunity cost of not working for 8 hours at $10 per hour ($80), and the cost for gas and parking ($20), adding up to $140.

​Jim Is Planning on Attending a Football Game

Jim Is Planning on Attending a Football Game