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In early July, Jim Lopez purchased a $70 ticket to the December 13 game of the Chicago Titans. (The Titans belong to the Midwest
In early July, Jim Lopez purchased a $70 ticket to the December 13 game of the Chicago Titans. (The Titans belong to the Midwest Football League and play their games outdoors on the shore of Lake Michigan.) Parking for the game was expected to cost approximately $22, and Lopez would probably spend another $13 for a souvenir program and food. It is now December 12. The Titans are having a miserable season and the temperature is expected to peak at 5 degrees on game day. Jim is thinking about skipping the game and taking his wife to the movies and dinner, at a cost of $50. The amount of sunk cost related to Jim's decision to spend some time with his wife is: $0. O $20. O $50. $70. None of these.
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