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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Some people’s everyday behavior suggests that they do not hold sunk costs irrelevant to present decisions. Give some examples different from those presented in this chapter.

To determine

Discuss the suck costs irrelevant to the present decision.

Explanation

The sunk cost is the money that already spent and permanently lost. For example, if a person paid insurance on the machines of a factory, this insurance amount paid for those machines cannot be recovered. This amount is already paid. So any decisions about this insurance amount is considered as waste. Hence, the sunk costs are generally ignored for decision making...

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