Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 2 - The Key Principles of Economics - Exercises - 2.1 The Principle of Opportunity Cost - Page 44: 1.12

Answer

To compute the cost, you will need to know: 1. The future market value 2. The opportunity cost of purchasing the furniture.

Work Step by Step

To find this answer we have to consider the future market value of the furniture as well as Colleen’s opportunity cost of purchasing it.
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