Graham decided to play football this year instead of getting a part-time job. Last year he made about $1,100 during football season. He also spends about $9 on eating out after each game. His team plays a 10-game season. What is his opportunity cost of playing football?
Graham decided to play football this year instead of getting a part-time job. Last year he made about $1,100 during football season. He also spends about $9 on eating out after each game. His team plays a 10-game season. What is his opportunity cost of playing football?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Graham decided to play football this year instead of getting a part-time job. Last year he made about $1,100 during football season. He also spends about $9 on eating out after each game. His team plays a 10-game season. What is his opportunity cost of playing football?

Transcribed Image Text:(8 X 4) + 10 = 42
(9 20=38.
Name: Notalic AisDuro
Date: B/20121
CHAPTER 2
The Financial Plan: Calculating
Opportunity Cost and Income
CONCEPT #1: Calculating Opportunity Cost
Remember, opportunity costs are the cost of your next best alternative to some decision you
make. For example, if you decide to attend technical school for one year instead of going
straight to work, you may be forgoing making $9 an hour for 40 hours a week for 52 weeks a
year. Your opportunity cost for attending school is therefore ($9 x 40) x 52 weeks = $18,720.
This information is useful to you because you will want to determine how long it takes you to
recover this investment in school.
Math Review
(7.50 x 8) + 100 = \l00
3842 85 = 469
(14 × 12) + 500 = \olo8
11687500
(72 x 6.50) + 920 = \388
(56X 6) 453
-189
+ 60 = Lolo0
(11 x 50) + 115 = lo65
(633T352 = 800
448+352
Liclab Apply Your Knowledge
(10 x 25) + 160 = 410
160
(125 × 8) + 1,115 = 2,115
'1,000 1.115
%3D
1. Janice decided to go to the basketball game on Thursday night instead of working at the
restaurant. What is her opportunity cost for this decision assuming she spent $24 in gas
driving to the away game and $8 at the concession stand? Janice normally works 5 hours
at the restaurant and makes $7 an hour plus tips. Her tips typically run about $35 on a
weeknight. 2418=32 5X1-36
35135132-102
2. Graham decided to play football this year instead of getting a part-time job. Last year he
made about $1,100 during football season. He also spends about $9 on eating out after
each game. His team plays a 10-game season. What is his opportunity cost of playing
football?
3. Latron believes if he cuts back on his part-time job, he can spend some additional time
working out over the next 20 weeks and earn an athletic scholarship to the local college.
However, cutting back at work means he will forgo making $12 an hour at his uncle's
shop. Assuming he now works only 10 hours a week with his reduced schedule instead
the normal 22 hours a week, how much will his scholarship have to pay for him to bre
even?
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