What concept can you apply to make the decision clearer? You and your family visit Orlando for

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What concept can you apply to make the decision clearer? You and your family visit Orlando for a week. While there, you decide to go to Universal Studios. When you arrive, you notice that each family member can buy a day pass for $115 or a two-day pass for $150. Your parents are concerned about spending too much, so they decide to calculate the average cost of a two-day pass to see if it is a good value. The average cost is $150 , 2, or $75 per day. Their math is correct, but something you learned in economics tells you they are not thinking about this situation in the correct way.

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Principles Of Microeconomics

ISBN: 9780393679199

3rd Edition

Authors: Dirk Mateer, Lee Coppock

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