economics

posted by .

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 -

    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?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. school

    amy's orchestra teacher is planning a fall concert the cost of renting the music hall is $2000 he decides to charge each person $5.50 attend the concert to cover the cost of renting the hall how many people will have to attend to cover …
  2. Math

    The equations 5x+2y=48 and 3x+2y=32 represent the money collected from school concert ticket sales during two class periods. If x represents the cost for each adult ticket nd y represents the cost for each student ticket, what is the …
  3. Math

    Three times as many children as adults attend a concert on Saturday. An adult's ticket cost $7 and a child's ticket cost $3. The theater collected a total of $6,000. How many people bought tickets?
  4. Math

    Three times as many children as adults attend a concert on Saturday. An adult's ticket cost $7 and a child's ticket cost $3. The theater collected a total of $6,000. How many people bought tickets?
  5. math

    The cost of a concert ticket is $28. There are k people in a group who want to go to the concert. Which of the following expressions describes the total amount of money the group will need to go to the concert?
  6. math

    three times as many children as adults attend a concert. Adult ticket cost $7 and childs ticket $3. the theater collected 46000. how many people bought tickets?
  7. math

    Three times as many children as adults attended a concert on Saturday. An adult's ticket cost $7 and child's ticket cost $3. the theater collected a total of $6,000. How many people bought tickets?
  8. Expected Value??

    Tickets for a raffle cost $14. There were 834 tickets sold. One ticket will be randomly selected as the winner, and that person wins $ $1200 and also the person is given back the cost of the ticket. For someone who buys a ticket, what …
  9. maths

    A group of students decide to attend a concert. The cost of renting a bus to take them to the concert is $450, which is to be shared equally among the students. The concert promoters offer discounts to groups arriving by bus. Tickets …
  10. maths

    A group of students decide to attend a concert. The cost of renting a bus to take them to the concert is $450, which is to be shared equally among the students. The concert promoters offer discounts to groups arriving by bus. Tickets …

More Similar Questions