Aarav and his partner vacationed at Lake Louise. The cabin rental amounted to $1200. The round-trip fuel costs were $250. Their collective expenditure on meals and transportation totaled $600. If they had chosen to work instead, then they could have earned $2400. While vacationing, they made a $500 weekly rental payment on their home. Calculate the opportunity cost for this vacation?

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Opportunity cost is the cost of foregone alternatives If you choose one alternative over another the... View the full answer