1. Understanding opportunity cost You work as an assistant coach on the university swim team and earn $13 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 .

Total cost = $22

Explanation:

Below is the calculaton:

The per-hour earning = $13 per hour

The admission fee of carnival  = $9

In order to find the total cost, just add the per hour earning and fee of carnival.

Thus, total cost = Admission fee + Earning from assisting the swim team

Total cost = $9 + $13

Total cost = $22

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