Last year Bob purchased a plane ticket for $300. He was unable to take the trip so he received a voucher to use towards a future trip. The voucher is set to expire. Bob uses the voucher to take a vacation. While on vacation he spends $600 on a hotel and $400 on food and various other expenses. He did not have any vacation time at work so he took a few days off during which time he would have earned $450. John's explicit cost of taking the vacation is $ John's implicit cost of taking the vacation is $ John's opportunity cost of taking the vacation is $

Last year Bob purchased a plane ticket for $300. He was unable to take the trip so he received a voucher to use towards a future trip. The voucher is set to expire. Bob uses the voucher to take a vacation. While on vacation he spends $600 on a hotel and $400 on food and various other expenses. He did not have any vacation time at work so he took a few days off during which time he would have earned $450. John's explicit cost of taking the vacation is $ John's implicit cost of taking the vacation is $ John's opportunity cost of taking the vacation is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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