You have an option to attend a Taylor Swift concert or Maroon 5 concert. They are at the same time. You are a huge Taylor Swift

Question

3 years ago

9

You have an option to attend a Taylor Swift concert or Maroon 5 concert. They are at the same time. You are a huge Taylor Swift

and would be willing to pay up to $200 to attend a Taylor Swift concert but her tickets are $135. You are not a big Maroon 5 fan but your friend has just offered you a free ticket for Maroon 5. What is the opportunity cost for you if you decide to attend the Maroon 5 concert.?

Business

2 answers:

drek231 [11] · Answer 1 · 2022-01-12T09:12:52+03:00

drek231 [11]3 years ago

6 0

Answer:

I would go to the Taylor swift concert. I love Maron 5 but I LOVE taylor swift.

Explanation:

Mashutka [201] · Answer 2 · 2022-01-12T07:29:39+03:00

The opportunity cost of a decision refers to the benefits that a person misses out on when choosing a particular alternative over another one. Knowing the opportunity cost of your choices is likely to help you make better decisions in an informed way.

In this example, if you were to choose the Maroon 5 concert, the benefit that you would miss out on would be the chance to attend a Taylor Swift concert. This is a real possibility as the tickets are under budget. The consequence would be very significant as you are a huge Taylor Swift fan.