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Suppose you purchased a non-refundable plane ticket but, at the last minute, you have to cancel. You have the option to sell the ticket. If you initially paid $700 for the ticket, overnighting the ticket to someone through the mail would be $20, and you pay someone $10 to take the ticket to the post office to be mailed. What is the minimum price you should accept to purchase your ticket? (Hint: think about sunk cost)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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