How do the problems differ according to an economist

Reference no: EM133662339

Assignment:

Suppose you find a non-refundable non-tradeable concert ticket lying on the floor for this Sunday. You're deciding whether to attend the concert, or to stay at home and relax. What are your opportunity costs for attending the concert vs. staying at home? Now suppose you paid $100 for a non-refundable non-tradeable concert ticket, and you're decided whether to attend the concert or to stay at home and relax. How do the opportunity costs differ between these two scenarios? How do the sunk costs differ? How do the problems differ according to an economist? If it were you, do you think your behavior would be different in the two scenarios? If so, explain why in terms of opportunity costs and sunk costs.

Reference no: EM133662339

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