You are a taxi driver in Melbourne who earns A$35 for a day's work. You have been offered a one-day ticket to the Australian Open for A$25. As a tennis fan, you value the experience at A$70. With this information, what can we say?

Select one:

a.

The opportunity cost of the day at the Open is A$25

b.

The economic cost of the day at the Open is A$25

c.

You would have paid up to A$70 for the ticket

d.

The economic rent of the day at the Open is A$10