Question 1. One of Ed's favorite bands is playing in Philadelphia. Ed purchases a ticket ($50.00) and takes a day off wo

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Question 1.
One of Ed's favorite bands is playing in Philadelphia. Edpurchases a ticket ($50.00) and takes a day off work to get readyfor the concert (Ed earns $80.00).
While standing on line to get into the venue, someone offers Ed$180 for his ticket, but he turns them down. From this, we caninfer that the benefit Ed gets from attending the concert is atleast _______ dollars (please record your answer without a dollarsign).
Question 2.
In many cities, discount clubs are popular. For a fixed annualfee (paid in advance) one can purchase goods at 85% of their listedprice (in other words, 15% off the list price); otherwise, one paysthe list price. Suppose that the annual fee is $500 and theinterest rate on your savings account is 5%. Finally, assumediscount club's list prices are the same as any other store, andyou plan to spend $6000 over the coming year at thisstore. (Hint: the interest represents an opportunity cost ofpurchasing a membership).
The benefit of not buying a membership is______ dollars and the cost of not buying a membershipis______ dollars. (Please record your answer without adollar sign or a comma.)