Last year Bob purchased a plane ticket for $300. He was unable to take the trip so he received a voucher to use towards a future trip. The voucher is set to expire. Bob uses the voucher to take a vacation. While on vacation he spends $600 on a hotel and $400 on food and various other expenses. He did not have any vacation time at work so he took a few days off during which time he would have earned $450. John's explicit cost of taking the vacation is $ John's implicit cost of taking the vacation is $ John's opportunity cost of taking the vacation is $

Last year Bob purchased a plane ticket for $300. He was unable to take the trip so he received a voucher to use towards a future trip. The voucher is set to expire. Bob uses the voucher to take a vacation. While on vacation he spends $600 on a hotel and $400 on food and various other expenses. He did not have any vacation time at work so he took a few days off during which time he would have earned $450. John's explicit cost of taking the vacation is $ John's implicit cost of taking the vacation is $ John's opportunity cost of taking the vacation is $

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 18AA

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