Question
You purchased a plane ticket for $650.00 to fly from Los Angela's to New York. You arrive at the airport 3 hours early. The airline
You purchased a plane ticket for $650.00 to fly from Los Angela's to New York. You arrive at the airport 3 hours early. The airline attendant announces that the flight has been overbooked. They offer $300.00 for someone to give up a seat. There are not takers. They up the offer to $600.00, and then $1000.00. You could use the money but you cannot miss your job interview in New York. You decide to not offer up your seat. Your opportunity cost for flying to New York is:
You purchased a plane ticket for $650.00 to fly from Los Angela's to New York. You arrive at the airport 3 hours early. The airline attendant announces that the flight has been overbooked. They offer $300.00 for someone to give up a seat. There are not takers. They up the offer to $600.00, and then $1000.00. You could use the money but you cannot miss your job interview in New York. You decide to not offer up your seat. Your opportunity cost for flying to New York is:
$650.00
$1000.00
$1650.00
$350.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started