Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Henry Hacker, a professional golfer who was having some trouble with his driver, decided to skip the next two tournaments on the PGA tour to

Henry Hacker, a professional golfer who was having some trouble with his driver, decided to skip the next two tournaments on the PGA tour to work with his swing coach. He paid his coach $1,000 and used $1,000 worth of golf balls. As a result, his driving must have improved considerably because he now hits his tee shots longer and straighter.

Classify the following costs, incurred by Henry during the time spent with his swing coach, as explicit or implicit opportunity costs.

Cost incurred

Category

The $1,000 spent on his swing coach.

Implicit cost

Explicit cost

The earnings were foregone by skipping the two tournaments on the PGA Tour.

Explicit cost

Implicit cost

The $1,000 spent on his golf balls.

Explicit cost

Implicit cost

Step by Step Solution

3.47 Rating (173 Votes )

There are 3 Steps involved in it

Step: 1

The 1000 spent on his swing coach Im... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Legal Environment of Business A Managerial Approach Theory to Practice

Authors: Sean Melvin, Enrique Guerra Pujol

3rd edition

1259686205, 978-1259686207

More Books

Students also viewed these General Management questions

Question

1. What is corporate social responsibility?

Answered: 1 week ago