In this scenario, Olivia's opportunity cost is the next best alternative she gives up by choosing to work on Tuesday and Thursday afternoons. Let's break down the options provided:
1. The extra money she could earn: This is a possible opportunity cost. By working more hours, Olivia could potentially earn more money, but she would also give up something else in return.
2. The additional hours she spends at the job: This could be part of the opportunity cost. Olivia would indeed be sacrificing her time to work on Tuesday and Thursday afternoons, which could have been used for something else.
3. The time she could spend studying: This is another potential opportunity cost. By working more, Olivia may have less time available for studying, which could impact her academic performance or learning.
4. The new clothes she could buy: This is also a potential opportunity cost. If Olivia chooses to work on Tuesday and Thursday afternoons, she might have to forgo spending money on new clothes, as she would be allocating her resources differently.
In conclusion, Olivia's opportunity cost of adding Tuesday and Thursday afternoons to her work schedule could be a combination of these factors: the money she could earn, the time spent working instead of studying, and the potential purchases she may have to forego. Each of these represents a different aspect of what she gives up in exchange for working more hours.
