So Ph.D. economists are not good with economic principles. I'm left wondering if we'd do better if asked questions that 1) are more attuned current entertainment patterns, and that 2) incorporate more laziness. For instance:
You're at home on a Friday night watching a Law & Order marathon on TV. A friend calls you up to go see Wedding Crashers at the Lowes cineplex starting in an hour; movie tickets cost $8.50, though you'd be willing to pay up to $15 for that comfortable stadium seating and a funny flick. You do have to pay for your own ticket, but your friend said that he'll pick you up and drop you off home afterwards.
Q1) What is your opportunity cost of watching Law & Order?
Q2) If you value seeing Wedding Crashers so much more than Law & Order, why were you watching Law and Order to begin with?
Going out with others is more highly valued than reruns at home. Its been so long that the cost of a movie is even a factor, I can't relate to that at all.
Now seeing a movie at a Home Improvement store (Lowes) vs. a theatre (Loews) would be a treat. Can you drive a riding mower around while watching the film?
Unfortunately, the riding lawnmower will be extra, but no more than a bucket of popcorn.