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Title: Assume that Sarah places a $70 value on seeing her college football team play in the Rose Bowl. She purchases a ticket t

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Q:

Assume that Sarah places a $70 value on seeing her college football team play in the Rose Bowl. She purchases a ticket to the game for $50 but when she arrives at the game she discovers that her ticket is missing. A ticket scalper outside the stadium is selling tickets for $65 dollars. If Sarah purchases a ticket from one of the scalpers for $65, she is best demonstrating the principle that

           a.   sunk costs are irrelevant to many personal decisions.

           b.   the price of tickets cannot be explained by economic principles.

           c.    the assumption of rational behavior does not easily apply to the purchase of college football game tickets.

           d.   rational consumers do not always respond to incentives.


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Title: Assume that Sarah places a $70 value on seeing her college football team play in the Rose Bowl. She purchases a ticket t

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    • Posted Date: Apr 28, 2012 at 9:23:28 PM

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A:
...sp;        a.   sunk costs are irrelevant to many personal decisions. ...
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