Suppose on Friday night you have a choice to go either to a Katy Perry concert...
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.
Homework Answers
Since on Friday night Individual A has a choice to go either to a Katy Perry concert or a Lady Gaga concert. She won a free ticket to see Katy Perry.
Since Individual A is willing to pay $200 if the ticket of Lady Gaga perform is $100. It means Individual A is giving $100 more than the ticket cost.
Now it is Assumed that Individual A end up going to the Katy
Perry concert.
Since Individual A went to the Katy Perry concert, Therefore
Individual A must be willing to pay at least $.100. 
to see Katy Perry.
This is because she was willing to pay $100 for the program of Lady
Gaga, therefore she would like to pay atleast $100 for the Katy
perry concert because she has won the free ticket of Katy perry
concert.
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