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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
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
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