23. You have won a free ticket to see a Lady Gagas concert (which has no resale...
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2–3. You have won a free ticket to see a Lady Gaga’s concert (which has no resale value). Bob Dylan is performing on the same night and is your next best alternative activity. Tickets to see Dylan cost $40. On any given day, you would be willing to pay up to $50 to see Dylan.
Assume there are no other costs of seeing either performer. Based on this information, what is the opportunity cost of seeing Lady Gaga?
(a) $0,
(b) $10,
(c) $40, or
(d) $5026
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Related Book For
Managerial Economics And Organizational Architecture
ISBN: 9781260571219
7th International Edition
Authors: Clifford W. Smith, Jerold Zimmerman, James Brickley
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