Suppose on Friday night you have a choice to go either to a

Suppose on Friday night you have a choice to go either to a Katy Perry concert or a Lady Gaga concert. You won a free ticket to see Katy Perry. You would pay as much as $200 to see Lady Gaga perform, but tickets to her show cost $100. Assume that you end up going to the Katy Perry concert. Since you went to the Katy Perry concert, you must be willing to pay at least $ to see Katy Perry.

Solution

Lady gaga\'s ticket cost about $100 and going to her concert costs additional $100.Total is $200.

Since,the person decided to go to katy Perry\'s concert instead,he must be willing to pay at least $100 because he had to pay more than $100 for certain if he went to the other concert.

Answer-$100