You work as an assistant coach on the university basketball team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the movie theater instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the movies (including the opportunity cost of time) is

Total cost = $24

Explanation:

In economics total cost is a combination of the amount actually paid for a product or activity and the forgone benefit of buying another product or doing another activity.

Opportunity cost is defined as the forgone alternative of doing a particular activity. For example of you can buy ice cream or a book, if you buy a book you forgot the pleasure you would have derived from taking the ice cream.

In this instance the actual cost of going to the movie is $9 while the foregone alternative is the $15 you would have earned as a coach.

Therefore

Total cost = 15 + 9 = $24

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