Suppose you have been offered a choice of two part-time jobs: 10 hours a week stacking shelves atthe supermarket for $10 dollars an hour; or 12 hours a week working in the bar of the local hotel for$8 per hour plus a free case of beer once a week. Assuming that you will take one and only one ofthe jobs, what is:(i) the opportunity cost of taking the supermarket job?(ii) the opportunity cost of taking the hotel job?

Suppose that it costs $5 to buy a coffee and takes 10 minutes of your time. In that time you could be working and earn $10, or spending time at the beach which you value at $5. What is the opportunity cost of the coffee?

Multiple Choice QuestionWhich of the following is an example of an opportunity cost?Multiple choice question.interest earned on a savings accountthe cost of a needed car repairlower future investment earnings as a result of purchasessalary or wages earned on a part-time job

A fast-food outlet has the following cost structure.Monthly rent on the outlet building = $10,000Monthly wages of each staff = $1,000Let’s say the restaurant manager has three options.Option A: Hire 20 staff and serve 100 customers per dayOption B: Hire 40 staff and serve 180 customers per dayOption C: Hire 60 staff and serve 250 customers per dayWhich option should he choose? (Assume that his only objective is to minimise cost per customer served.)Option AOption BOption C

Opportunity cost

Opportunity cost is:Multiple choice question.the financial cost of purchasing a good or a service.the expected value of buying a good or a service.the value of the opportunity that you give up when you choose one activity instead of another.the marginal benefit minus the marginal cost.