1.1 You have a ticket to go to a concert by one of your favorite groups, the Hives, which you cannot resell.

However, you can buy a ticket for $30 to attend a talk by Steven Colbert, at the same time as the concert. You are willing to pay up to $90 to hear Colbert. Given that you incur no other costs involved in attending either event, what is your opportunity cost of attending the Hives concert? (Hint: See Solved Problem 7.1 and the Application “The Opportunity Cost of an MBA.”) L-9687