You won a free ticket to see a concert (assume the ticket has no resale value). Your favorite artist has a concert of the same night, and this represents your next-best alternative activity. Tickets to the concert of your favorite artist cost 800 pesos, and on any particular day, you would be willing to pay up to 1,000 pesos to see this artist. Assume that there are no additional costs of seeing either show. Based on the information presented, what is the opportunity cost of seeing the concert with free ticket?

You were able to purchase two tickets to an upcoming concert for 1,000 pesos apiece when the concert was first announce three months ago. Recently, you saw that TicketWorld was listing similar seats for 1,500 pesos apiece. What does it costs you to attend the concert?