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Westkost [7]
3 years ago
5

Jacques has plans to go to a play and already has a $50 nonrefundable, nonexchangeable, and nontransferable ticket. Now Kyoko, w

hom Jacques has wanted to date for a long time, asks him to a party. Jacques would prefer to go to the party with Kyoko and forgo the play, but he doesn't want to waste the $$50 he spent on the play ticket.
From the perspective of an economist, if Jacques decides to go to the party with Kyoko, what has he just done?
Business
1 answer:
Gemiola [76]3 years ago
3 0

Answer:

evaluate under opportunity cost

Explanation:

This is an exmaple of opportunity cost:

The opportunity cost is the cost of the best alternative rejected:

Jacques  opportunity cost of the date is lossing the play and the $50 dollars of the ticket

as the date and party opportunity cost is not datingthe girl

As Jacques picks the date , it will be evaluating dating as more rewarding than the play as it prefer to renounce to the play rather than the date

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Answer:

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Convert this equation 1 into standard normal variable, that is,

P(Y> M) = 0.05

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P(Y \leq M) = 1 - 0.05

P(Y \leq M) = 0.95

P(\frac{Y-u}{SD} \leq \frac{M-u}{SD} ) = 0.95

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From the equation 2, we have,

\frac{M-15}{2.4} = 1.644853627  

1.644853627 value is from using the function of Excel

( =NORSINV(0.95)) = 1.644853627

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