*Please provide a response and rational to the problem below. Your response should be only a few...
Question:
*Please provide a response and rational to the problem below. Your response should be only a few sentences in length. Include any calculations you made to arrive at your conclusion in the text box. Include economic ideology in your answer such as 'Opportunity Cost', 'consumer surplus', 'Reservation price' etc. for extra credit. **
You've won a FREE ticket to theToronto Maple Leafshockey game (which has ZERO re-sale value). TheToronto RaptorsBasketball team is playing on the same night and is yournext best alternative activity. Tickets to theToronto Raptorscost40$HOWEVER on any given day, you would be willing to pay up to50$to see the Toronto Raptors. Assume that there are no other costs associated with seeing either game. Based on this information, what is theopportunity costof seeing theToronto Raptors?