Question

If you get a free ticket to a performance of the Phantom of the opera at the Shanghai Grand Theatre, suppose you can't sell or transfer it, and you learn that it's the last day of the exhibition of French Impressionism at the Shanghai Art Museum, which you've always wanted to see. If tickets to the Impressionist exhibition are $400, the maximum you are willing to pay is $500. If you end up going to the Phantom of the Opera, what's your opportunity cost?

Answer 1

I guess if 500$ is the maximum amount you are willing to pay to get to the Museum, this is also your benefit, while the cost is 400$. The cost of going to the opera is 0 and it is also a sunk cost.

Going to the Opera means the opportunity cost is equal to 500$-400$. which is the net benefit you lose choosing to go to the Opera