00:01
So we have joe, who has no skills, no job experience, no other employment, and he runs a shoestine stand.
00:09
And other shoe shishiners earn $10 ,000 a year.
00:13
The rent that he pays for the space is $2 ,000 a year.
00:16
His total revenue is $15 ,000 a year.
00:20
And he bought equipment for $1 ,000 on a credit card, and there's a 20 % interest for his credit card balance at the end of the year.
00:28
And he was offered $500 for his business and equipment.
00:33
So we have to calculate his opportunity cost, his total opportunity cost, as you say, which is just going to be the sum of all the opportunity costs that he could have used that, well, yeah, he could have used with all the money or opportunities that he forgot...