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Question: Suppose your favorite band is on tour and coming to your area. Tickets are $100, and you take a day off from work for which you could have earned $60. What is your opportunity cost of going to the concert?

Now suppose that the promoters offer attendees at this concert first chance to buy tickets for the same band's concert the next day, also for $100. Assume that to attend the concert, your would miss work the next day, and that your pay would also have been $60. What is your opportunity cost of attending the second concert?

Compare the opportunity costs of attending the first and the second concerts.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93125201
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