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Henry Hacker, a professional golfer who was having trouble with his driver, decided to skip the next two tournaments on the PGA to work with his swing coach. He paid his coach $1,000 and used $1,000 worth of golf balls. As a result, his driving must have improved considerably because he now hits his tee shots longer and straighter. What type of cost are the earnings foregone by skipping the two tournaments on the PGA tour

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Answer:

The earnings foregone by skipping the two tournaments on the PGA tour is cost of opportunity

Explanation: The cost of opportunity of an economic decision that has several alternatives is the value of the best unrealized option. In other words, it refers to what a business stops earning, when choosing an alternative among several available. In this case are the prizes the golf player lost for not playing the tournments.

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