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.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 14QP
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![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ee51cd1-c9eb-4628-9b55-6645bae64060%2F1e320024-ff47-4b60-9f0e-bf435a2988d1%2Fdbj3ml_processed.png&w=3840&q=75)
Transcribed Image Text: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.
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