Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 1 - Part I - Ten Principles of Economics - Problems and Applications - Page 18: 3

Answer

The cost of taking a ski trip instead of working includes not only the actual price of the ski trip but also the wages that you give up by not working. The cost of taking a ski trip instead of studying includes not only the actual price of the ski trip but also the reduced grade that you may get as a result of not studying.

Work Step by Step

The cost of a good or service includes not only the actual price, but any other benefits that you have to give up in order to purchase the good or service.
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