Tonight is a concert night. Three concerts – a classical music concert, a country music concert, and a rock music concert -- take place at the same time. You consider going to one of them. Suppose the ticket price of the classical concert is $80 and your willingness to pay is $100; the ticket price of the country music concert is $50 and your willingness to pay is $80; the ticket price of the rock music concert is $50 and your willingness to pay is $100. So you decide to go to the rock music concert. Apart from the ticket price, there is no other cost of seeing any of the three concerts. What is your ECONOMIC cost of attending the rock music concert?

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Answer here we compare the consumer surplus as the opportunity cost of t... View the full answer