You just need to answer this 2 questions based on the “Managerial Economics A problem solving approach” textbook;
fourth edition by Froeb, McCann, Shor, Ward. The answers are based on this textbook chapter 3 and 4.
Concert Opportunity Cost: You were able to purchase two tickets to an upcoming concert for $100 apiece
when the concert was first announced three months ago. Recently you saw that StubHub
was listing similar seats for $225
apiece. What does it cost you to attend the concert? (Hint: Opportunity Costs)
Supplier Bids:You company is contemplating bidding on an RFP (Request for Proposal) for 100,000 units of a
specialized part. Why might the amount be more than the requesting company actually wants?
SO basically just answer the question.