Briefly point out the faulty reasoning in each of the, Ask an Expert

Economics

Briefly point out the faulty reasoning in each of the following situations:

a. You win a free, nontransferable ticket to a Sheryl Crow concert. Since the ticket is free and it will therefore cost you nothing to go, you decide to go to the concert.

b. You paid nonrefundable tuition of $3,000 to take a 15-week course. Therefore, the opportunity cost of attending class each week is $3,000 divided by 15, or $200.

c. You like to avoid costs; every decision involves opportunity cost. So you don't make decisions.

d. You have purchased 5 premium apples for $1.99 a pound, but when you get home, you discover they are mushy. Since you paid top dollar for these apples, you decide you have to eat them.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91709042

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