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:

Nervous System

The complex network of nerve cells and fibers that transmits nerve impulses between parts of the body, coordinating its actions and sensory information.

Circulatory System

The system in organisms (particularly in vertebrates) consisting of the heart, blood vessels, and blood, responsible for transporting nutrients, gases, and wastes throughout the body.

Primitive Groove

A depression or furrow on the surface of the early embryo, involved in the process of gastrulation.

Neural Groove

A shallow groove in the developing embryo that eventually deepens to form the neural tube, the precursor to the central nervous system.