Question

In three to five sentences, describe how a consumer can use a cost-benefit analysis to decide between buying a concert ticket or buying a new pair of jeans. Mention the steps involved in analyzing each choice and how this process results in a decision.

Answer 1

Cost benefit is a term used to describe a person choosing between two or more items and finding out which one is more valuable to the person. In the case of a concert ticket or a new pair of jeans, cost benefit is used in this way: There are two things compared, and they are deciding on whether it is more worth it to buy jeans or a ticket. In my opinion, in the case of the ticket, it is one-time use, and while it gives pleasure for a short amount of time, and maybe some good memories, it does not amount to much, except maybe bragging rights. In buying a pair of jeans, however, we can (if it is a wholesome jean, and not those jeans that are sold with holes already) already know that, depending on the user, it will last a lot longer than a ticket. The cost benefit of buying the jean exceeds the ticket by a lot because it is much more durable, lasts longer, and is a lot more useful. All these will make jeans the better choice

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