7. Jim wins a ticket from a Radio station to see a jazz band perform at an outdoor concert. Mike has paid $18 for a ticket to the same concert. All the other costs of attending the concert (including parking, fuel, etc.) are the same for Jim and Mike. On the evening of the concert there is a tremendous thunderstorm. If Jim and Mike have the same tastes regarding the concert and both 3 make their decision based on marginal analysis, which of the following should be true and why? (10 points) a. Jim is more likely to attend the concert (briefly explain why?) b. Mike is more likely to attend the concert (briefly why?) c. Jim and Mike are equally likely to attend the concert (briefly why?) 8. Brian won a scholarship for four years of college. During these four years Brian could also do any number of things, including: 1. Travel the World for four years II. Working for making money III. Take job training for a better job Which of the following is the opportunity cost of Brain attending college? (5 points) a. Zero. b. Il only. C. The sum of I, II, III, and any other opportunities he passed up. d. Whichever of I, II, III or any other opportunities he passed up is most valuable to him