You have two choices for how you are going to spend saturday evening. you can go to the pub with your friends, which will cost you £30 for the evening. the pleasure you anticipate from this experience is worth £50 to you. or you can go to the theatre. the ticket will cost you £50, but you value the experience at £60. based on this information, which of the following statements is correct? a. the opportunity cost of an evening at the theatre is £10. b. the economic cost of going to the theatre is £60. c. the economic rent of going to the theatre is -£10.
d. based on economic rent alone, you would choose to go to the theatre.
You have two choices for how you are going to spend saturday evening. you can go to the pub with your friends, which will cost you £30 for the evening. the pleasure you anticipate from this experience is worth £50 to you. or you can go to the theatre. the ticket will cost you £50, but you value the experience at £60. based on this information, which of the following statements is correct? a. the opportunity cost of an evening at the theatre is £10. b. the economic cost of going to the theatre is £60. c. the economic rent of going to the theatre is -£10.
d. based on economic rent alone, you would choose to go to the theatre