Kyle receives two free passes to the symphony as a bonus at work. He has never been to the symphony before and would probably not buy such tickets for their face value of $120. Kyle decides to use the tickets rather than sell them at face value. This type of behavior is: Question 49 options:airrational, since Kyle would not pay $120 for the tickets, yet gives up $120 by not selling them.brational, since Kyle can check out the symphony and not have to pay for it himself.cirrational, since Kyle ignores his sunk cost of $120.drational, since Kyle does not ignore his sunk cost of $120.

49) Kyle would not buy the tickets of symphony given their face value. This implies that he values…

Answered: yle receives two free passes to the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Kyle receives two free passes to the symphony as a bonus at work. He has never been to the symphony before and would probably not buy such tickets for their face value of $120. Kyle decides to use the tickets rather than sell them at face value. This type of behavior is:

Question 49 options:

a	irrational, since Kyle would not pay $120 for the tickets, yet gives up $120 by not selling them.
b	rational, since Kyle can check out the symphony and not have to pay for it himself.
c	irrational, since Kyle ignores his sunk cost of $120.
d	rational, since Kyle does not ignore his sunk cost of $120.

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