Some friends and i are heading to a concert. We all have purchased $50 tickets. I just realized that I lost my ticket on the subway ride to the concert. I am confronted now with a decision or not to but a new ticket and go to the concert. Which of the following best describe that decision?
a. is the concert worth paying $100 to attend?
b. is the concert worth paying $50 to attend?
c. Is the concert worth paying $150 to attend?
The answer is (b).Is the concert worth paying $50 to attend.
The $50 originally paid is already sunk and can't be utilized for anything.Therefore it shouldn't be considered.
Now that you are at the concert you have two decisions.
Either pay the $50 to get a new ticket or go back.Either way the original $50 is gone.At this point only one thing matters-Whether you are ready to pay the $50
Some friends and i are heading to a concert. We all have purchased $50 tickets. I...