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Tara earns $8.50 an hour (after taxes) at the pizza place. She is scheduled to work four hours this afternoon. However, her friend Kayla called and asked her if she wants to go to the movie. A ticket to the movie costs $9.50. In addition, she always spends about $7 on snacks.

Which of the following statement are true? Select all that apply.

1. Tara's opportunity cost if she goes to work instead of the movie is $34.
2. Kayla's opportunity cost to go to the movie is $9.50.
3. There is no opportunity cost for Tara to go to the movie.
4. Tara's total cost of attending the movie is $50.5
5. Tara's opportunity cost if she goes to the movie instead of working is $34

Respuesta :

Histrionicus

The true statements about the given question are:

  • Option 2.
  • option 4.
  • Option 5.

Opportunity cost is the loss of possible gain from other choices of options of a decision when an option choice is made, in other words, it the something an individual gives up for a particular choice of item or decision.

In this case,

  • Kayla gives her time and cash that is $9.50 both of which can be used for something more important than the movie, therefore, the opportunity cost is $9.50.
  • If Tara also went for a movie leaving the opportunity of earning $8.50 per hour for four hours that is 8.50×4 = $34, thus, her opportunity cost is $34 and the total cost would be $50.50

Thus, the correct answer is options 2, 4 and 5.

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Ver imagen Histrionicus

From the options given, the true statements include:

Second option

Fourth option

Fifth option

  • Opportunity cost refers to the cost of an alternative that we forgo. With regards to the question, the second option is correct. If Kayla goes to the movie, then she'll have to forgo $9.50. Therefore, her opportunity cost of going to the movie is $9.50.

  • Furthermore, Tara's total cost when she attends the movie will be:

= ($8.50 × 4) + $9.50 + $7 = $50.5.

Therefore, the total cost of Tara attending the movie will be $50.5.

  • Finally, Tara's opportunity cost when she goes to the movie will be:

= $8.50 × 4

= $34

  • Therefore, her opportunity cost when she goes to the movie rather than working will be the amount that she could have earned while working which is $34

In conclusion, the correct options are options 2, 4 and 5.

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