If the Opportunity Cost of Time Is $20 Per Hour

question 64

Multiple Choice

If the opportunity cost of time is $20 per hour and an individual spends 20 hours in commuting every month,the opportunity cost of his commute is ________.

• A) $1 per month
• B) $20 per month
• C) $200 per month
• D) $400 per month

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Definitions:

Data Accuracy

The degree to which data correctly reflects the real-world values it is intended to represent.

Advanced Planning Systems

Software solutions designed to improve the efficiency and effectiveness of supply chain and production planning through advanced computational algorithms.

Linear Approximations

A method for approximating the value of a function near a given point using the tangent line at that point.

Aggregate Plan

A plan for production, inventory, and stock levels over a medium range of time, aiming to balance demand and supply in a cost-effective manner.