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You work as an assistant coach on the university basketball team and earn $14 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is

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Answer:

[tex] Total cost = 9 + \frac{14 dollars}{hour} *1 hour = 9+14 = 23 dollars[/tex]

Explanation:

For this case let's define some notation:

y = Amount of money earned

x = Number of hours working

For this case if we assume that we have a linear relationship between the amount of money and the time t in hours working we have the following relationship:

[tex] y = 14 \frac{dollars}{hour} x[/tex]

And we want to find the cost of skipping practice and going to the carnival including the oportunity cost time.

So we have the following formula for the total cost:

[tex] Total cost = Opportunity cost +Variable costs[/tex]

Based on the information the person slip 1 hour long practice so on this case we have a cost of 14*1 =14$ dollars and the other cost is the associated to the amount of money spent at the carnival 9$.

And for this case then if we analyze the situation we can replace and we got:

[tex] Total cost = 9 + \frac{14 dollars}{hour} *1 hour = 9+14 = 23 dollars[/tex]

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