Ask Question
BusinessBusiness
25 September, 12:20

Robert Brown is interested in attending a concert next weekend. Unfortunately, he is scheduled to work. If he finds a substitute for his shift so he can attend the concert, what kind of cost is he incurring?

+4
Answers (1)
  1. 25 September, 12:35
    0
    Opportunity cost relating to time

    Explanation:

    Opportunity cost refers to the benefits foregone of a non chosen option when a choice is made and an option is chosen.

    The concept of opportunity cost relates to the sacrifice made of one option to pursue another option since both cannot be chosen at a time.

    In the given case, Mr Brown is desirous of attending a musical concert but is scheduled to work for the same time and duration as the concert. So he can either work or go for the concert. Attending the concert would mean loss of income for hours worked instead.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Robert Brown is interested in attending a concert next weekend. Unfortunately, he is scheduled to work. If he finds a substitute for his ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The Green Machine Manufacturing Company has the option to make or buy a component part for one of its lawnmowers. The annual requirement is 49,000 units. A supplier is able to supply the parts for $15.00 per piece.
Answers (1)
Suppose that the profit maximizing level of output for the monopolist is 100 units, and atc = $45.00; mc = $35.00; mr = $35.00; p = $45.00. what is the monopoly's profit? a. minus- $1000 b. $4500 c. $0 d. $3500
Answers (1)
For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable b. Decrease to Unearned Revenue c. Decrease to Cash d. Increase to Interest Expense e. Increase to Salaries Payable f.
Answers (2)
Orange, a cell phone manufacturer, displays in its advertisement that its products are better than others in the market because they are waterproof and scratch proof. This is an example of:
Answers (1)
Retained earnings at the beginning and ending of the accounting period were $650 and $1,400, respectively. Revenues of $2,500 and dividends paid to stockholders of $550 were reported during the period.
Answers (1)
New Questions in Business
A company recently paid out a $4 per share dividend on their stock. Dividends are projected to grow at a constant rate of 5% into the future, and the required return on investment is 8%.
Answers (1)
What is the average tax rate for a firm with taxable income of $118,740 in 2017? Taxable Income Tax Rate $ 0 - 50,000 15 % 50,001 - 75,000 25 75,001 - 100,000 34 100,001 - 335,000 39 Group of answer choices 34.87 percent 39.00 percent 24.
Answers (1)
State chartered banks are required to become members of the federal reserve system. a. True b. False
Answers (1)
Freddie's Market offers customers tissues, canned goods, napkins, and various detergents in basic packaging with no identified brand.
Answers (1)
What is responsible for guiding the monetary policy of the United States? O A. The Sarbanes-Oxley Act O B. Trade agreements C. Contract law O D. The Federal Reserve System
Answers (1)
Home » Business » Robert Brown is interested in attending a concert next weekend. Unfortunately, he is scheduled to work. If he finds a substitute for his shift so he can attend the concert, what kind of cost is he incurring?
Sign Up Forgot Password?