3:22l LTEQuestion 11Unanswered 2 attempts leftMany professional sports teams operateunder a salary cap. This means thatteams typically have a fixed amount ofmoney that they can spend on players'salaries - that is, a salary cap. This is trueof the National Basketball Association(NBA), for example. Suppose that theNBA has a salary cap of $100 milliondollars, and a team has $30 millionavailable to sign new players. That is, $70million has already been committed toplayer salaries. The team has two furtherpossibilities: either sign a star player for$30 million, or sign two good, solidsupporting players for $15 million each.What is the opportunity cost of signingthe star player, assuming the teamspends its full budget?A 2 supporting players1 star player$30 millionDThere is no opportunity costB.

Opportunity Cost is the value of next best alternative sacrificed or foregone.

Answered: Question 11 Unanswered 2 attempts left…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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