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Suppose you purchased a ticket to a concert for $100 three months ago. On the day of the concert, it is raining heavily, and your ticket has no resale value. You are still planning to attend the concert despite the rain when your best friend invites you to skip the concert and attend a different concert with them that is both free and indoors.

a. (15 points) What is the opportunity cost of attending the concert in the rain?

Consider the following simple economy:

- Two goods: chicken and sweet potatoes
- Two people: Beau and Sophie
- Beau and Sophie both enjoy eating both chicken and sweet potatoes
- Each works 8 hours per day
- Beau can produce 40 oz of chicken per hour, 320 oz per day if he spends all his time doing so
- Beau can produce 12 oz of sweet potatoes per hour, 96 oz per day if he spends all his time doing so
- Sophie can produce 3 oz of chicken per hour, 24 oz per day if she spends all her time doing so
- Sophie can produce 30 oz of sweet potatoes per hour, 240 oz per day if she spends all her time doing so

Answer :

Final answer:

The opportunity cost of attending the concert in the rain is the value of the best alternative foregone, which in this case is attending the free and indoor concert with a friend.

Explanation:

In this scenario, the opportunity cost of attending the concert in the rain is missing out on attending the free indoor concert with a friend. This cost includes not only the monetary value of the ticket but also the experience and time spent at the other concert. In economic terms, the opportunity cost represents the value of the best alternative that had to be sacrificed, and in this case, it is the enjoyment of the alternative concert.

To put it in the context of the given economy, opportunity cost can be thought of as a trade-off. Just as Beau and Sophie make choices about producing chicken or sweet potatoes based on their comparative advantage, individuals make choices in daily life by comparing the benefits of different options. In this case, the benefit of attending the free indoor concert with a friend outweighs the benefit of attending the outdoor concert in the rain, making it the preferred choice.

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Rewritten by : Barada

Final answer:

The opportunity cost of attending the concert in the rain is the value of attending a different concert with your best friend.

Explanation:

The opportunity cost of attending the concert in the rain is the value of the best alternative that is given up, which in this case is attending the different concert with your best friend. Since the ticket has no resale value, the opportunity cost is the value of attending the free and indoor concert with your best friend. This cost includes the monetary value of the ticket, as well as the enjoyment and experience you would have with your best friend.

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