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April 20, 2014

Homework Help: Microeconomics

Posted by mel on Sunday, October 2, 2011 at 3:37pm.

Last year Delta airlines purchased and stored 1 million gallons of aviation fuel at a time when aviation fuel was selling for $2.00 per gallon. Aviation fuel is now valued at $3.00 per gallon. What is the opportunity cost of using this stored fuel now?

Would it be $3 million because now they would be giving up $3million of inventory?

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