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The Million Dollar Question

On SEBASTIAN MARSHALL

August 11th, 2011. Chiba, Japan.

A mix of confusion and awe as I step off the platform.

I must have made a mistake. But maybe a good mistake.

Birds caw and cicadas click gently, filling the warm afternoon air with sounds of nature. The train platform is open to the air and on the other side of the tracks is a high fence. Beyond it, a bicycle and walking path leading to a park.

Children are running around and playing in the park, but surprisingly quietly. Very Japanese.

Revisit: Opportunity Cost: A Quiz

On Econoception

Let us revisit the question on opportunity cost posted a few days back.

Suppose you won a free ticket to see an Eric Clapton concert tonight. You can't resell it. Bob Dylan is performing on the same night and his concert is the only other activity you are considering. A Dylan ticket costs $40 and on any given day you would be willing to pay as much as $50 to see him perform. (In other words, if Dylan tickets sold for more than $50, you would pass on the opportunity to see him even if you had nothing else to do.) There is no other cost of seeing either performer.

[polldaddy poll=6393995]

There were only three people who responded to this question. Two chose $0 and the other chose $40. All of them got it wrong!

Here's the solution from the book:

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