Answer to Question #154520 in Microeconomics for Michael Ashade

Question

Joan, a new student at WIT has just decided to join the college rugby club. He plans to train 2 nights per week over the 13 weeks of the semester. She knows that by doing so she will have to forfeit working for 2 five hour shifts each week in a local pizza parlour (his next best alternative activity) for which she would have earned €10 per hour. There are other non- financial benefits that she is aware of that would accrue from working in the pizza parlour also. Additionally, training gear for the semester will cost her €170.

Outline the opportunity cost of Joan’s decision to join the college rugby team for the semester – that is the implicit cost plus the explicit cost of her decision. Remember to include both financial costs and non-financial costs in your answer 

Answer 1

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