Raphael has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Susan, whom Raphael has wanted to date for a long time, asks him to a party. Raphael would prefer to go to the party with Susan and forgo the opera, but he doesn't want to waste the $100 he spent on the opera ticket.

Raphael has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Susan, whom Raphael has wanted to date for a long time, asks him to a party. Raphael would prefer to go to the party with Susan and forgo the opera, but he doesn't want to waste the $100 he spent on the opera ticket.

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

sunk costs and decision making

Raphael has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Susan, whom Raphael
has wanted to date for a long time, asks him to a party. Raphael would prefer to go to the party with Susan and forgo the opera, but he doesn't want
to waste the $100 he spent on the opera ticket.
From the perspective of an economist, if Raphael decides to go to the opera, what has he just done?
O Correctly ignored a sunk cost
Made an optimal choice
O Incorrectly allowed a sunk cost to influence his decision

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