During a holiday party at work, you pay $2 to buy a raffle ticket for a 160-gigabyte
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During a holiday party at work, you pay $2 to buy a raffle ticket for a 160-gigabyte iPod. You win the drawing. Based on a little research online, you discover that the going rate for a hardly used 160-gigabyte iPod is $200.
a. What was the opportunity cost of acquiring the iPod?
b. What is the opportunity cost of choosing to keep the iPod?
Opportunity CostOpportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
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