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4 August, 11:06

You recently got a job as an usher at the nearby movie theater. Last night, you had the opportunity to work but decided to take your very first vacation day. Suppose you could have earned $10 per hour for three hours of work. Instead, you went to a movie yourself, where you spent $13 on a ticket and popcorn.

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  1. 4 August, 12:25
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    accounting cost (explicit) $13

    economic cost (explicit and implicit) $43

    Explanation:

    The total accounting cost will e $13 spend on the movie and popcorn

    But, if we consider the implicit cost, which are the lost wages for not working:

    3 hours x $10 dollar per hour = $30 dollar

    we add this to the accounting cost and get the economic cost of $43
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