You have purchased a non-refundable ticket to the Maldives with an early morning departure scheduled for Saturday. You receive a call notifying you about an interview for a job that may be scheduled around the same time. While you really wanted this job, you think that going on the trip is more important for your mental wellbeing as you have been planning this trip for a year now.

a. The human resources department from the company you applied to informs you that there is only one slot available for the interview, which clashes with your flight. Should this affect your decision to go on the trip? Explain by using the term “opportunity cost.”

b. Suppose instead that you realize that the nonrefundable travel ticket, which you already purchased, cost you €100; previously you had mistakenly believed the price was €250. Should learning this information affect your decision to go to the Maldives trip?