yle receives two free passes to the symphony as a bonus at work. He has never been to the symphony before and would probably not buy such tickets for their face value of $120. Kyle decides to use the tickets rather than sell them at face value. This type of behavior is: Question 49 options: a irrational, since Kyle would not pay $120 for the tickets, yet gives up $120 by not selling them. b rational, since Kyle can check out the symphony and not have to pay for it himself. c irrational, since Kyle ignores his sunk cost of $120. d rational, since Kyle does not ignore his sunk cost of $120.

yle receives two free passes to the symphony as a bonus at work. He has never been to the symphony before and would probably not buy such tickets for their face value of $120. Kyle decides to use the tickets rather than sell them at face value. This type of behavior is: Question 49 options: a irrational, since Kyle would not pay $120 for the tickets, yet gives up $120 by not selling them. b rational, since Kyle can check out the symphony and not have to pay for it himself. c irrational, since Kyle ignores his sunk cost of $120. d rational, since Kyle does not ignore his sunk cost of $120.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 8QP

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a	irrational, since Kyle would not pay $120 for the tickets, yet gives up $120 by not selling them.
b	rational, since Kyle can check out the symphony and not have to pay for it himself.
c	irrational, since Kyle ignores his sunk cost of $120.
d	rational, since Kyle does not ignore his sunk cost of $120.