Bob dylan is also performing on the same night and

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Unformatted text preview: ng on the same night and his concert is the only other activity you are considering for the night. A Bob Dylan concert costs $40 and on any given day you would be willing to pay as much as $50 to see him perform. There is no other cost of seeing either performer. What is your opportunity cost of attending the Springsteen concert? a b c d $50 $40 $10 $0 Ryan W. Herzog (GU) Chapter 1: Introduction Spring 2014 5 / 24 Economics and three Pitfalls Opportunity Cost - Example Suppose you won a free ticket to see a Bruce Springsteen concert tonight. You can’t resell it. Bob Dylan is also performing on the same night and his concert is the only other activity you are considering for the night. A Bob Dylan concert costs $40 and on any given day you would be willing to pay as much as $50 to see him perform. There is no other cost of seeing either performer. What is your opportunity cost of attending the Springsteen concert? a b c d $50 $40 $10 $0 Ryan W. Herzog (GU) Chapter 1: Introduction Spring 2014 6 / 24 Efficiency and Equality Efficiency vs Equality Economists are concerned with both, growing challenge. Technology and globalization have...
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This document was uploaded on 03/18/2014 for the course ECON 202 at Gonzaga.

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