Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are considering to take a 2 days staycation to Lantau Island during the weekend. You have already bought a round trip ferry ticket at

You are considering to take a 2 days staycation to Lantau Island during the weekend.

You have already bought a round trip ferry ticket at $146, which is fully refundable.

To go to Lantau Island, you will have to apply for a leave from the part-time job where you normally work 10-hours a day at $16 per hour.You will live in your friend's place so you don't have to spend anything on accommodation.

You currently live in a hotel with a daily rent of $306 that is non-refundable and typically pay $76 per day for food.

You estimated that you need to pay a total of $272 for food during the staycation.Assuming there are no other costs, the total opportunity cost of the staycation for you is[Answer]dollars.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Economics

Authors: Campbell McConnell, Stanley Brue, Sean Flynn

21st Edition

1259723224, 9781259723223

More Books

Students also viewed these Economics questions

Question

=+d) Can you reject the null hypothesis of part c? Explain.

Answered: 1 week ago