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Describe one situation from own life

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Reference no: EM132587820

You have a free ticket to see ABBA in concert, which you cannot re-sell. Justin Bieber is performing on the same night, which is your second-best alternative. The Justin Bieber ticket costs $200, and on any given day you would be willing to pay up to $280 to see Justin Bieber (i.e. this is how much you value this experience). Assume there are no other costs of seeing either concert.

a. Assuming you could not get the Justin Bieber ticket for free, what is your (net) opportunity cost of seeing ABBA concert? Explain your answer.

b. Now assume you could get the Justin Bieber ticket for free, what is your (net) opportunity cost of seeing ABBA? Explain your answer.

c. Continuing from part b, how will your answer change if you can re-sell the free Justin Bieber ticket for its face value of $200?

d. Suppose your third best alternative is to watch an ABBA DVD at home, to which you place a monetary value of $30, and the DVD rental is $3. How will this affect your answers above?

e. Describe one situation from your own life, in which you realized the opportunity cost of a decision you were making.

Reference no: EM132587820

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