Graham decided to play football this year instead of getting a part-time job. Last year he made about $1,100 during football season. He also spends about $9 on eating out after each game. His team plays a 10-game season. What is his opportunity cost of playing football? (8 X 4) + 10 = 42(9 20=38.Name: Notalic AisDuroDate: B/20121CHAPTER 2The Financial Plan: CalculatingOpportunity Cost and IncomeCONCEPT #1: Calculating Opportunity CostRemember, opportunity costs are the cost of your next best alternative to some decision youmake. For example, if you decide to attend technical school for one year instead of goingstraight to work, you may be forgoing making $9 an hour for 40 hours a week for 52 weeks ayear. Your opportunity cost for attending school is therefore ($9 x 40) x 52 weeks = $18,720.This information is useful to you because you will want to determine how long it takes you torecover this investment in school.Math Review(7.50 x 8) + 100 = \l003842 85 = 469(14 × 12) + 500 = \olo811687500(72 x 6.50) + 920 = \388(56X 6) 453-189+ 60 = Lolo0(11 x 50) + 115 = lo65(633T352 = 800448+352Liclab Apply Your Knowledge(10 x 25) + 160 = 410160(125 × 8) + 1,115 = 2,115'1,000 1.115%3D1. Janice decided to go to the basketball game on Thursday night instead of working at therestaurant. What is her opportunity cost for this decision assuming she spent $24 in gasdriving to the away game and $8 at the concession stand? Janice normally works 5 hoursat the restaurant and makes $7 an hour plus tips. Her tips typically run about $35 on aweeknight. 2418=32 5X1-3635135132-1022. Graham decided to play football this year instead of getting a part-time job. Last year hemade about $1,100 during football season. He also spends about $9 on eating out aftereach game. His team plays a 10-game season. What is his opportunity cost of playingfootball?3. Latron believes if he cuts back on his part-time job, he can spend some additional timeworking out over the next 20 weeks and earn an athletic scholarship to the local college.However, cutting back at work means he will forgo making $12 an hour at his uncle'sshop. Assuming he now works only 10 hours a week with his reduced schedule insteadthe normal 22 hours a week, how much will his scholarship have to pay for him to breeven?

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