Posted by Maj on Thursday, January 10, 2008 at 6:23pm.
Inreference to opportunity cost: If a snowstorm occurs who will most likely to attend a concert. Person A pays $5.00 for his ticket, whereas person B is a winner of a $5.00 concert ticket? What are the benefits/cost?

economics  economyst, Friday, January 11, 2008 at 9:30am
Good question. Think it through, then take a shot. Hint: Person A obviously values the concert itself at $5 or more (he voluntary traded a $5 bill for a ticket). How much does person B value his ticket?? And, can you say anything about each person's aversion (or additional costs) to traveling in a snowstorm?
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