Suppose You Pre-Ordered a Non-Refundable Movie Ticket to X-Men: Days

question 212

Multiple Choice

Suppose you pre-ordered a non-refundable movie ticket to X-Men: Days of Future Past.On the day of the movie you decide that you would rather not go to the movie.According to economists, what is the rational thing to do?

• A)Since the cost of the movie ticket is a sunk cost, it should not influence your decision.Your decision should be based solely on whether you want to see the movie or not.
• B)You should not waste resources.Since you have paid for the ticket you should watch the movie.
• C)Your should go to the movie to minimise your losses.
• D)You should go to the movie to maximise your utility.

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Definitions:

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