Question
Suppose you have to spend $16 and your options are to spend it on either bags of peanuts or bags of cashews. Peanuts cost $4
Suppose you have to spend $16 and your options are to spend it on either bags of peanuts or bags of cashews. Peanuts cost $4 each and cashews cost $16 each. What is your opportunity cost of buying a bag of cashews? (Hint: the answer willnotbe your out-of-pocket cost of $16.)
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Economics
Authors: Roger A. Arnold
11th edition
1133561675, 978-1133561675
