Stuck on question for hours. Question in Image attachment. Thanks for your help :) You have bought a plane ticket to Paris for $1200, non-refundable. Your value from a trip to Paris is$1,684. Your cousin in getting married in London, ON at exactly the same time as your Paris trip. Youvalue from attending your cousin's wedding is $2000. Train tickets to London cost $50. What is theopportunity cost of going to your cousin's wedding.ered1,684wer1,734If you go to your cousin's wedding you use resources of $50. Your next best alternative is tovisit Paris. The price you paid for the tickets to Paris is a sunk cost. You can't recover it bygoing to London. You don't use any additional resources to go to Paris, because you've alreadypaid for the ticket. It is sunk, so its opportunity cost is zero. It is like you have a free voucherthat you're giving up. This makes the opportunity cost of going to London the cost of the trainticket and the value you get from visiting Paris.

‘Opportunity cost’ refers to the forgone benefit that can be derived from choosing another available…

ticket to Paris for $1200, non-refundable. Your value from a trip to Paris is tting married in London, ON at exactly the same time as your Paris trip. You r cousin's wedding is $2000. Train tickets to London cost $50. What is the to your cousin's wedding.

ticket to Paris for $1200, non-refundable. Your value from a trip to Paris is tting married in London, ON at exactly the same time as your Paris trip. You r cousin's wedding is $2000. Train tickets to London cost $50. What is the to your cousin's wedding.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...

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