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chomtong chomtong
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6 years ago
Suppose that you purchased a ticket to a jazz festival for $100 a month ago. Last week someone invited you to a hockey game on the same night as the jazz festival. You would much rather go to the hockey game than the jazz festival. You have tried unsuccessfully to sell the jazz festival ticket. Which of the following statements regarding this situation is correct?
A) You should base your decision on whether or not the hockey game will provide you with more than $100 in satisfaction.
B) The $100 you paid for the jazz festival ticket is relevant to the decision, as this represents the opportunity cost of attending the hockey game.
C) The $100 you paid for the jazz festival ticket should be irrelevant in your decision making, because it is a sunk cost.
D) The $100 jazz festival ticket should be irrelevant in your decision making, because it represents the marginal cost of attending the hockey game.
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DeToXiFYDeToXiFY
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6 years ago
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chomtong Author
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Thank you, thank you, thank you!
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