You have two choices for how you are going to spend Saturday evening. You can go to the pub with your friends, which will cost you $30 for the evening. The pleasure you anticipate from this experience is worth $50 to you. Or you can go to the theatre The ticket will cost you $50, but you value the experience at $60. Based on this information, which of the following statements is correct? Select one: a. Based on economic rent alone, you would choose to go to the theatre. b. The opportunity cost of an evening at the theatre is $10. c. The economic cost of going to the pub is $30. d. The economic cost of going to the theatre is $60. e. The economic rent of going to the theatre is -$10.
You have two choices for how you are going to spend Saturday evening. You can go to the pub with your friends, which will cost you $30 for the evening. The pleasure you anticipate from this experience is worth $50 to you. Or you can go to the theatre The ticket will cost you $50, but you value the experience at $60. Based on this information, which of the following statements is correct?
Select one:
a. Based on economic rent alone, you would choose to go to the theatre.
b. The
c. The economic cost of going to the pub is $30.
d. The economic cost of going to the theatre is $60.
e. The economic rent of going to the theatre is -$10.
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