Question

What is the opportunity cost of going to a concert rather than going to work?

1) the cost of a concert ticket and uber
2) the foregone enjoyment of the concert
3) the foregone wages for the night
4) the cost of driving to and from work

Answer 1

The opportunity cost of going to a concert rather than going to work includes foregone wages, cost of attending the concert, and foregone enjoyment.

Step-by-step explanation:

The opportunity cost of going to a concert rather than going to work involves several factors:

1. The foregone wages for the night is one aspect of the opportunity cost. By attending the concert, you are giving up the wages you would have earned if you had gone to work instead.
2. The cost of a concert ticket and Uber is also part of the opportunity cost. You would need to consider the expenses associated with attending the concert, such as the ticket price and transportation costs.
3. Foregone enjoyment of the concert should be considered as well. If you choose to go to work instead, you are giving up the enjoyment you would have experienced at the concert.

Therefore, the opportunity cost of going to a concert rather than going to work includes the foregone wages, the cost of attending the concert, and the foregone enjoyment of the concert.