You have won a free ticket to see a Jason Aldean concert (assume the ticket has no resale value). Luke Bryan has a concert the same night, and this represents your next - best alternative activity. Tickets to Luke Bryan concert cost $80, and on any particular day, you would be willing to pay up to $100 to see this band. Assume that there are no additional costs of seeing either show. Based on the information presented here, what is the opportunity cost of seeing Jason Aldean? Now that you have a better grasp of opportunity cost. Explain what your personal opportunity cost was to attend Ohio Christian University.
You have won a free ticket to see a Jason Aldean concert (assume the ticket has no resale value). Luke Bryan has a concert the same night, and this represents your next - best alternative activity. Tickets to Luke Bryan concert cost $80, and on any particular day, you would be willing to pay up to $100 to see this band. Assume that there are no additional costs of seeing either show. Based on the information presented here, what is the opportunity cost of seeing Jason Aldean? Now that you have a better grasp of opportunity cost. Explain what your personal opportunity cost was to attend Ohio Christian University.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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