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You are a taxi driver in Melbourne who earns A$70 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$70 for a day's work. You have been offered a one-day ticket to the Australian Open for A$60. As a tennis fan, you value the experience at A$140. With this information, what can we say? Select one: O a. You would have paid up to A$120 for the ticket O b. The opportunity cost of the day at the Open is A$50 O c. The economic cost of the day at the Open is A$50 O d. The economic rent of the day at the Open is A$10
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