Reference no: EM132593451

You are majoring in chemical engineering (CE), and you don't much like it. But you are a junior and you're considering whether to change majors so you can do what you really love-ornithology. You ponder the following reasons. Which violate the sunk cost principle? In one sentence, briefly explain each answer.

a. I put a lot of time and money into studying CE. It would be a ways to switch now and throw all of that down the drain. This is a reason to stick with CE. Violation of the sunk principle because I am going to stay in my CE major so that I do not waste the nonrefundable costs even though I don't like CE that much.

b. I put a lot of time and money into studying CE. I'm not sure I have enough time and money to start over with a new major. This is a reason to stick with CE.

c. I put a lot of time and money into studying CE. On balance, I'll get more benefits from switching majors that I paid in costs in studying CE. This is a reason to change majors

d. I put a lot of time and money into studying CE. My parents will be very disappointed in me if I switch majors-they really want me to be an engineer. This is a reason to stick with CE.

e. I put a lot of time and money into studying CE. What if it turns out that I spend a lot of time and money on studying ornithology and I don't like it? I'll be worse off than I am now. This is a reason to stick with CE.