Economics Question-Based on the information presented here, what is the opportunity cost of seeing Bruce Springsteen?
CONCERT OPPORTUNITY COST
For this week’s assignment, address the following scenarios:
You won a free ticket to see a Bruce Springsteen concert (assume the ticket has no resale value). U2 has a concert the same night, and this represents your next-best alternative activity.
Tickets to the U2 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 Bruce Springsteen?
You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?
