You are on a cruise in the Caribbean Sea, which cost $1,000. On this particular day you have the choice between two activities, both of which would provide marginal mental benefits to your state of mind. The first is a scuba diving trip whose cost was included in the price of the cruise (you get to swim with a school of hammerheads). The second is a shopping spree on St. Thomas that would cost you $500. Which costs and benefits (select all that apply) should you consider when deciding which activity to undergo? The $1,000 cost of the cruise. All of the above. The marginal benefits of the shopping trip. The $500 cost of the shopping trip. The marginal benefits of the scuba trip.

You are on a cruise in the Caribbean Sea, which cost $1,000. On this particular day you have the choice between two activities, both of which would provide marginal mental benefits to your state of mind. The first is a scuba diving trip whose cost was included in the price of the cruise (you get to swim with a school of hammerheads). The second is a shopping spree on St. Thomas that would cost you $500. Which costs and benefits (select all that apply) should you consider when deciding which activity to undergo? The $1,000 cost of the cruise. All of the above. The marginal benefits of the shopping trip. The $500 cost of the shopping trip. The marginal benefits of the scuba trip.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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