lunch and transportation 1) Suppose that your wage is $120 for every day you work. You also spend $20 every day in to the office. You have been offered a Friday full-day ticket to an art gallery fundraiser that will cost you $80. Since you are an art enthusiast, you value the experience at $150. a. What is the opportunity cost of attending the art gallery event? b. What is the economic rent of attending the art gallery event? c. Should you spend the day at the art event or working?

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter2: Scarcity And Opportunity Costs
Section: Chapter Questions
Problem 14E
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lunch and transportation
1) Suppose that your wage is $120 for every day you work. You also spend $20 every day in
to the office. You have been offered a Friday full-day ticket to
an art gallery fundraiser that will cost you $80. Since you are an art enthusiast, you value
the experience at $150.
a. What is the opportunity cost of attending the art gallery event?
b. What is the economic rent of attending the art gallery event?
c. Should you spend the day at the art event or working?
Transcribed Image Text:lunch and transportation 1) Suppose that your wage is $120 for every day you work. You also spend $20 every day in to the office. You have been offered a Friday full-day ticket to an art gallery fundraiser that will cost you $80. Since you are an art enthusiast, you value the experience at $150. a. What is the opportunity cost of attending the art gallery event? b. What is the economic rent of attending the art gallery event? c. Should you spend the day at the art event or working?
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