"If I Didn't Have Class Tonight, I Would Save the $4

question 152

Multiple Choice

"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." What is the opportunity cost of attending class tonight?

• A) $0
• B) $4
• C) $40
• D) $44

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Definitions:

Trend Extrapolation

The method of predicting future outcomes by extending existing patterns of historical data.

Sales Forecasts

Predictions of future sales performance, crucial for planning, budgeting, and decision-making in businesses.

Direct Forecast

A prediction technique focused on estimating future trends, sales, or market behavior directly based on historical data and analysis.

Lost-Horse Forecast

A method of making predictions based on past events without considering why those events happened, akin to looking for a lost horse based on where you've found it in the past rather than understanding where it likes to go.