12:39Expert Q&ADoneYou hava been invited by triends to fly toGermany for Octoberfest next year. Forinternational travel you apply for a passport thatcosts $105 and is valid for 10 years After youreceive your passport, your travel companionsdecide to cancel the trip because of"insufficient funds " You decide to also cancelyour travel plans because traveling alone is nofun Is your passport expense a sunk cost or anopportunity cost? Choose the correct answerbelow OA S105 you spent on a passport is anopportunity cost because you cannot get yourmoney back OB $105 you spent on a passportis an opportunitytravel abroad for 10 more years OC. $105 youspent on a passport is a sunk cost because youcannol get your money back OD. $105 youspent on a passport is a sunk cost because youstill can travel abroad for 10 more vears Click toecause you stil canselect your answer

An individual considers various costs while making a decision. Sunk costs are those costs that have…

Favel abroad for 10 more years OC. $105 you pent on a passport is a sunk cost because yo annol get your money back OD. $105 you pent on a passport is a sunk cost because yo till can travel abroad for 10 more vears Click t elect your answer

Favel abroad for 10 more years OC. $105 you pent on a passport is a sunk cost because yo annol get your money back OD. $105 you pent on a passport is a sunk cost because yo till can travel abroad for 10 more vears Click t elect your answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

12:39
Expert Q&A
Done
You hava been invited by triends to fly to
Germany for Octoberfest next year. For
international travel you apply for a passport that
costs $105 and is valid for 10 years After you
receive your passport, your travel companions
decide to cancel the trip because of
"insufficient funds " You decide to also cancel
your travel plans because traveling alone is no
fun Is your passport expense a sunk cost or an
opportunity cost? Choose the correct answer
below OA S105 you spent on a passport is an
opportunity cost because you cannot get your
money back OB $105 you spent on a passport
is an opportunity
travel abroad for 10 more years OC. $105 you
spent on a passport is a sunk cost because you
cannol get your money back OD. $105 you
spent on a passport is a sunk cost because you
still can travel abroad for 10 more vears Click to
ecause you stil can
select your answer

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