Answer the Following Questions

question 120

Essay

Answer the following questions.
a. Marcie is enrolled in a Principles of Microeconomics class but mistakenly buys a macroeconomics book from eBay and cannot return it. She paid $80 for the book. Marcie's friend tells Marcie to read the macroeconomics book or otherwise she will have lost her $80. Explain whether you agree with Marcie's friend.
b. Peter is taking Intermediate Economics and decides to drop the course after the second midterm. Peter paid $180 for the course's textbook, which can be resold for $70 on barnesandnoble.com. What is Peter's sunk cost for the textbook?

---

Definitions:

Submission Agreement

A legal agreement where parties agree to submit a current or future dispute to arbitration, without necessarily specifying the details of the arbitration process.

Lawsuit

A legal action initiated by one party against another in a court of law to enforce or defend a legal right.

Binding Arbitration

A dispute resolution process where an impartial third party renders a decision that is final and legally binding on all involved parties.

Enforcement Lawsuit

A legal action taken to ensure compliance with laws, regulations, or court orders, often initiated by a governing body or regulatory authority.