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a. What is opportunity cost? Suppose that Levi was given two options-(1) pay $50 for a ticket to see Taylor Swift in concert or (2)

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a. What is opportunity cost? Suppose that Levi was given two options-(1) pay $50 for a ticket to see Taylor Swift in concert or (2) pay $35for a ticket to see Selena Gomez in concert. Further, assume that Levi would be willing to pay $60 to see Taylor Swift in concert and $100 to see Selena Gomez (i.e. these are the values of the benefit Levi would receive from each concert)

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