If a new home can be constructed for $150,000, what is the opportunity cost of federal defense spending, measured in terms of private housing? (assume a defense budget of $700 billion.) instructions: enter your response rounded to one decimal place. 4666666.7 million homes
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Ответ:
The opportunity cost of defense budget in terms of private housing is $4666666.7 homes.
Opportunity cost is the cost of next best alternative foregone.
Formula to calculate the opportunity cost for defense budget in terms of private housing is:
= total defense spending/cost of a new home
= $700,000,000,000/$150,000.
In other words, we can say that we have to give up $4666666.7 homes when we are spending an amount of $700 billion on federal defense.
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