Shen has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and nontransferable ticket. Now Valerie, whom Shen has wanted to date for a long time, asks him to a party. Shen would prefer to go to the party with Valerie and forgo the movie, but he doesn't want to waste the $10 he spent on the movie ticket. From the perspective of an economist, if Shen decides to go to the party with Valerie, he has:
Shen has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and nontransferable ticket. Now Valerie, whom Shen has wanted to date for a long time, asks him to a party. Shen would prefer to go to the party with Valerie and forgo the movie, but he doesn't want to waste the $10 he spent on the movie ticket. From the perspective of an economist, if Shen decides to go to the party with Valerie, he has:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Shen has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and nontransferable ticket. Now Valerie, whom Shen has
wanted to date for a long time, asks him to a party. Shen would prefer to go to the party with Valerie and forgo the movie, but he doesn't want to
waste the $10 he spent on the movie ticket.
From the perspective of an economist, if Shen decides to go to the party with Valerie, he has:
Made a choice that was not optimal
Incorrectly allowed a sunk cost to influence his decision
O Correctly ignored a sunk cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff276ebd-c84a-4088-bdf3-965b0f27d5e2%2F7e65b0df-ed94-4f15-80e8-ed7efb642f16%2Fly6va3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Shen has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and nontransferable ticket. Now Valerie, whom Shen has
wanted to date for a long time, asks him to a party. Shen would prefer to go to the party with Valerie and forgo the movie, but he doesn't want to
waste the $10 he spent on the movie ticket.
From the perspective of an economist, if Shen decides to go to the party with Valerie, he has:
Made a choice that was not optimal
Incorrectly allowed a sunk cost to influence his decision
O Correctly ignored a sunk cost
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