Nick won a $1,000 lottery prize. he can't decide what he should spend the money on. for some time now, he has been planning to buy a gaming console, a bicycle, and a watch. but he also needs to save money for an overseas trip in the future. he can give up the bicycle and the watch, but he really wants that gaming console. on the other hand, he also wants to experience a foreign culture. in the end, he decides to save the whole amount for the trip. which item is the opportunity cost of nick’s trip?

Hank itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. the following are required for production of a 70-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 77 pounds of granulated sugar at $0.43 per pound 133 lemons at $0.79 each 350 yeast tablets at $0.24 each 350 nutrient tablets at $0.14 each 2,500 ounces of water at $0.001 per ounce hank estimates that 4% of the grape concentrate is wasted, 9% of the sugar is lost, and 32% of the lemons cannot be used. compute the standard cost of the ingredients for one gallon of wine. (round intermediate calculations and final answer to 2 decimal places, e. g.