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You decide to take a vacation and the trip costs you $1,000. You withdraw the money from your savings account and for the time it takes you to replace the original $1,000 you lost 2% of this in interest. While you are on vacation, you do not go to work where you could have earned $500 in sales commission. Meanwhile while on vacation you get sick and have medical expenses of $200. When you return for vacation you are still sick and need to miss work for two days so could have earned an extra $300 in commission.
Calculate the explicit costs, implicit costs, and opportunity cost of your vacation as described above, and explain your answer.
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