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The account cost will be $12,000, but the economists consider an opportunity cost: a cost associated with the foregone earnings. Because Jonathan could have earned $20,000 if he does not quit a job, the economic cost that takes the opportunity cost into account is $12,000 + $20,000 = $32,000...
The account cost will be $12,000, but the economists consider an opportunity cost: a cost associated with the foregone earnings. Because Jonathan could have earned $20,000 if he does not quit a job, the economic cost that takes the opportunity cost into account is $12,000 + $20,000 = $32,000...
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