Assume that UM sells student tickets to football games for $6 each, however you must wait in line for a half-hour to get a ticket. Moreover assume that scalping is made legal in Florida. Non-student fans are willing to reimburse you $20 for your ticket. Attending the game will take around four hours. Assume that you have a part-time job where you can select your own hours, which pays $8/hour.
Q1. What is your economic cost of purchasing a ticket?
Q2. prepare down your economic cost of attending the game (once you already purchased the ticket)?
Q3. If you know you will have to work the day of game, should you pay for the ticket in order to resell it?