Which of these is not an example of a sunk cost that is subject to poor economic decision making? A. a registration fee for a local 10K race B. C. D. tuition that you paid for an economics course an appraisal fee to determine the value of a house you are thinking of buying a new laptop that you purchased for school

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of these is not an example of a sunk cost that is subject to poor economic decision making?
a registration fee for a local 10K race
A.
B.
C.
A.
D. a new laptop that you purchased for school
Which of these is the best example of a framing bias?
B.
C.
D.
A.
B.
C.
hotels that offer discounts only if you are members of certain clubs or organizations.
A company specializing in foreign language lessons sells one set of lessons for $199, but all five sets of lessons purchased
upfront sell for $499, a discount of nearly 50%. The company is offering this large discount in hopes that its consumers
experience:
D.
tuition that you paid for an economics course
A.
an appraisal fee to determine the value of a house you are thinking of buying
C.
restaurants that add an automatic 18% gratuity for large groups.
D.
stores that advertise a low price for a specific item but do not have any left in stock.
airlines that advertise low airfare but then add fees for checked bags and seat assignments.
a framing bias.
overconfidence.
Helping a friend struggling to pass a math class despite it taking valuable time away from your own studies is an example
of:
a sunk cost fallacy.
a sense of altruism.
B. framing.
overconfidence.
altruism.
sunk cost.
Transcribed Image Text:Which of these is not an example of a sunk cost that is subject to poor economic decision making? a registration fee for a local 10K race A. B. C. A. D. a new laptop that you purchased for school Which of these is the best example of a framing bias? B. C. D. A. B. C. hotels that offer discounts only if you are members of certain clubs or organizations. A company specializing in foreign language lessons sells one set of lessons for $199, but all five sets of lessons purchased upfront sell for $499, a discount of nearly 50%. The company is offering this large discount in hopes that its consumers experience: D. tuition that you paid for an economics course A. an appraisal fee to determine the value of a house you are thinking of buying C. restaurants that add an automatic 18% gratuity for large groups. D. stores that advertise a low price for a specific item but do not have any left in stock. airlines that advertise low airfare but then add fees for checked bags and seat assignments. a framing bias. overconfidence. Helping a friend struggling to pass a math class despite it taking valuable time away from your own studies is an example of: a sunk cost fallacy. a sense of altruism. B. framing. overconfidence. altruism. sunk cost.
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