In early July, Morrison Bluth purchased a $70 ticket to the December 15 game of

Question

In early July, Morrison Bluth purchased a $70 ticket to the December 15 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 is expected to cost approximately $22, and Morrison would probably spend another $15 for a souvenir program and food. It is now December 14. The Titans were having a miserable season and the temperature is expected to peak at 5 degrees on game day. Morrison 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 in Morrison's decision to spend some time with his wife is:

Explanation / Answer

Sunk cost means the amount already incurred and present decisions cant not reverse it

so Ticket cost of $ 70 is sunk cost for Morrison

and parking and souvenir program and food costs are not yet incurred so they can be avoided by present decision

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