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?

  1. 👍
  2. 👎
  3. 👁
  1. 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?

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Finance

    Caluating opportunity cost. what is the annual opportunity cost of a checking account that requires a $500 minimum balance to avoid service charges? Assume an interest rate of 3 percent

  2. math

    the function rule C = 10n + 26 relates the number of people n who attend a small concert to the cost in dollars C of the concert. Make a table of the input/output pairs to show the cost if 27, 39, and 43 people attend.

  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. world history

    What impact did the Concert of Europe have on Europe? 1.) The Concert of Europe sought to establish a unified trading partnership to promote unity and eliminate future wars. 2.) The Concert of Europe sought to eradicate monarchies

  1. mathematics

    Tickets to a concert cost $9.00 for adults and $6.00 for students. A total of 950 people paid $7 500 to attend. How many students attended the concert?

  2. algebra

    Tickets to a concert are available online for $25 plus a one time handling fee of$1.75 the total cost is a function of the number of tickets bought what function rule models the cost of the concert tickets evaluate the function

  3. Math

    Be precise, find the percent error: Marcus estimates that 230 people will attend choir concert. There was an actual total if 300 people who attended the choir concert.

  4. Economics

    I have created an accurate graph on excel and I believe the answers to the first 2 portions of the question are: The opportunity cost of the first 2,000 automobiles is the inability to produce 1000 tons of beef or we give up 1000

  1. social studies

    How does opportunity cost affect people's wants and needs? A. It changes the supply and demand of goods. B. It requires them to make a choice. C. It requires them to be producers and consumers. D. Opportunity cost does not impact

  2. English

    1. The concert is over. 2. The concert is finished. 3. The concert ended. 4. The concert finished. [Are they the same in meaning? Can we use all the sentences? Which ones are unacceptable? Do you have some more similar

  3. Managerial Economics

    Economists consider which of the following costs to be irrelevant to a short run business decision? A)out of pocket B)historical cost C)opportunity cost D)replacement cost

  4. Math

    800 people will attend a concert if tickets cost $20 each. Attendance will decrease by 30 people for each $1 increase in the price. The concert promoters need to make a minimum of $12 800. What is the range of ticket prices the

You can view more similar questions or ask a new question.