Question: 9. *Suppose rational decision-maker Claude faces a choice: he can either see Helen Gillet or Beth Patterson in concert. Suppose further that tickets to see

9. *Suppose rational decision-maker Claude faces a choice: he can either see Helen Gillet or Beth Patterson in concert. Suppose further that tickets to see Helen are $10 each, tickets to see Beth are free, and Claude has already purchased a non-refundable ticket to see Helen.

  1. What is Claude's benefit from seeing Helen in concert?
  2. What is Claude's opportunity cost of seeing Helen in concert?
  3. What is Claude's benefit from seeing Beth in concert? (Hint...)
  4. What is Claude's opportunity cost of seeing Beth in concert? (Hint...)
  5. Which concert will Claude choose to attend? Why? Explain.
  6. What is Claude's sunk cost in making his decision?

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