Suppose Lorna wants to go skating at a price of R150. She estimates that the cost of driving to the ice arena and of parking will amount to R30. To go skating Lorna will have to take a day off from her part-time work as a personal assistant. She estimates that she will lose 7 hours at her wage rate of R15 an hour. Lorna's opportunity cost of skating equals...

Suppose Lorna wants to go skating at a price of R150. She estimates that the cost of driving to the ice arena and of parking will amount to R30. To go skating Lorna will have to take a day off from her part-time work as a personal assistant. She estimates that she will lose 7 hours at her wage rate of R15 an hour. Lorna's opportunity cost of skating equals...

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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