Sunk costs
What cost has already been incurred for the formal ticket, regardless of your decision?
What is a sunk cost?
What cost is associated with the time spent studying for the exam instead of attending the formal?
What is a relevant cost?
What cost do you forgo by not attending the formal and instead studying?
What is an example of a sunk cost in this decision-making scenario?
What is car insurance/plane ticket, etc.?
If you choose to go to the formal, what are the relevant costs that will arise?
What are travel costs, etc.?
What is the opportunity cost of going to the formal and not studying for the exam?
What is not getting practice in (and potentially doing badly on the exam)?
How can sunk costs impact your decision, even though they are irrelevant to future decisions?
What is they still affect overall costs?
How do you determine the relevant costs of studying for an exam, such as the cost of any study materials or resources?
Are these costs eliminated by choosing a different option?
If you decide to study for the exam, what are the opportunity costs you’ll face in terms of missed social activities or experiences?
What is missing out on a fun time and socializing?
If you’ve already paid for a non-refundable trip to Lake Havasu, what type of cost is that?
What is a sunk cost?
If attending the formal means missing a study session, what is the relevant cost of lost study time?
What is the monetary cost per hour times the number of hours?
What is the opportunity cost of missing out on a networking opportunity by not attending the formal?
What is you're less likely to get a job?
Why is it a mistake to factor sunk costs when making your decision?
What is they're not relevant costts?
How do relevant costs help in deciding whether to go to the formal or study for the exam?
What is it influences decision-making?
What is the opportunity cost of studying when considering that a potential future opportunity (e.g., a job) might be impacted by missing social events like the formal?
What is I might not be as successful in the future?