What is the opportunity cost of choosing to keep the ipod

Reference no: EM131916159

Problem

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?

Reference no: EM131916159

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