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Based on your understanding of the article, answer the following question, and justify your reasoning. You have

won a free ticket to see Googoosh perform in Dubai. The ticket has a market-value of $200 if you decide to sell it. You value seeing the concert at $400. The cost of gas and wear and tear on your car to get to and from Dubai is $50. You're employed at the Overture Center and you were scheduled to work 6 hours at $10/hour the night of the concert (you can't work at all if you go to the concert). You're required to find someone to take your place if you can't make it to work. The only person you can find who will take your place at work demands you pay him $20. What is the opportunity cost of going to the concert? Provide proper calculations.

Top Answer

Cost of attending the concert = Market-Value of Ticket + Cost of going to Dubai + Cost of not working for 6 Hours +... View the full answer

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