Nonexchangeable and nontransferable ticket

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Reference no: EM133576250

Question

Rajiv has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Simone, whom Rajiv has wanted to date for a long time, asks him to a party. Rajiv would prefer to go to the party with Simone and forgo the opera, but he doesn't want to waste the $100 he spent on the opera ticket. From the perspective of an economist, if Rajiv decides to go to the opera, he has: Correctly ignored a sunk cost Made an optimal choice Incorrectly allowed a sunk cost to influence his decision.

Reference no: EM133576250

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