Question

Suppose you have a choice to go to a Katy Perry concert or a Lady Gaga...

Suppose you have a choice to go to a Katy Perry concert or a Lady Gaga concert on Friday night. You won a free ticket to see Katy Perry. You would pay as much as $190.00 to see Lady Gaga perform, but a ticket to her show costs $80.00. Suppose a friend offers you $65.00 for the Katy Perry ticket.

The opportunity cost of going to the Katy Perry concert is $

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Answer #1

You can actually understand that if you are going to a Katy Perry concert, the opportunity cost would be the utility sacrificed for not attending the lady Gaga concert.

the additional utility you will be getting from lady Gaga concert is the difference between the maximum willingness to pay a and the actual price of the concert which is $190-$80 = $110.

This means you will get $110 off extra benefit if you visit lady Gaga concert and that is the reason why the opportunity cost is the sacrifice of $110 additional utility

Therefore '$110' is the answer to this question

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