The Economy Tomorrow section provides estimates of time spent in traffic delays. If the average worker produces

Question:

The Economy Tomorrow section provides estimates of time spent in traffic delays. If the average worker produces $90 of output per hour, what is the opportunity cost of

(a) Current traffic delays?

(b) Estimated delays in 10 years?

Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...