You are a taxi driver in Melbourne who earns A$50 for a day’s work. You have been offered a one-day ticket to the Australian Open for A$40. As a tennis fan, you value the experience at A$100. With this information, read the following statements and select the correct one(s).

Question

BlackTom AI · Accepted Answer

Your personal valuation of the experience is A$100, so your willingness to pay for the ticket itself is up to A$100.

1. Relevant concepts
- Willingness to pay (valuation): the maximum monetary amount you personally value an experience at (here A$100).
- Opportunity cost: the value of the next-best alternative you give up (here the A$50 taxi earnings forgone by not working).
- Economic (total) cost: monetary price paid plus opportunity cost.
- Economic rent (consumer surplus/profit): value received minus economic cost.

2. Step-by-step reasoning
- You value the day at the Open at A$100 (benefit).
- The ticket costs you A$40 (out-of-pocket monetary cost).
- By attending you give up working and the A$50 you would have earned (opportunity cost).
- Economic cost of attending = ticket price + forgone earnings = A$40 + A$50.
- Economic rent = value − economic cost = A$100 − (A$40 + A$50).

3. Calculations (intermediate steps)
- Opportunity cost = A$50 (forgone taxi earnings).
- Economic cost = 40 + 50 = A$90.
- Economic rent = 100 − 90 = A$10.

4. Why the correct answers are correct
- “The economic rent of the day at the Open is A$10.” Using the definition above, net benefit (value minus total economic cost) equals A$10, so this statement is correct.
- “You would have paid up to A$100 for the ticket.” This statement is correct if interpreted as your maximum willingness to pay based on how much you value the experience: you value it at A$100, so in isolation you would be willing to pay up to that amount. (Note: if attending necessarily requires giving up your A$50 wage, the maximum ticket price that would still make you indifferent to working is A$50, because 100 − (price + 50) = 0 ⇒ price = 50. The statement as given refers to your valuation, not the break-even ticket price when accounting for forgone wages.)

5. Why the other options are incorrect
- “The opportunity cost of the day at the Open is A$40.” Incorrect: the opportunity cost is the foregone wage A$50, not the ticket price.
- “The economic cost of the day at the Open is A$40.” Incorrect: economic cost includes both the ticket price and the forgone earnings, totaling A$90, not A$40.

6. Conclusion
All reasoning confirms the selected correct answers: the economic rent is A$10, and you would have paid up to A$100 for the ticket (as your personal valuation).

You are a taxi driver in Melbourne who earns A$50 for a day’s work. You have been offered a one-day ticket to the Australian Open for A$40. As a tennis fan, you value the experience at A$100. With this information, read the following statements and select the correct one(s).多项选择题

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