Question: Bob Dylan and Eric Clapton are song writers and singers. They perform in concert in your neighborhood, on the same evening, but in two separate

Bob Dylan and Eric Clapton are song writers and singers. They perform in concert in your neighborhood, on the same evening, but in two separate venues. Economists monetize the benefits of doing something by using the notion of Willingness To Pay (WTP). ou would be willing to pay $100 to see Bob Dylan. In other words, $100 are the benefits you would get to see Bob Dylan. our WTP regarding Eric Clapton is $115. A concert ticket for Dylan costs $79 while a ticket for Clapton costs $94.

Which concert would you go to see? Explain your reasoning thoroughly.

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