Karen has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and nontransferable ticket. Now Carlos, whom Karen has wanted to date for a long time, asks her to a concert. Karen would prefer to go to the concert with Carlos and forgo the movie, but she doesn't want to waste the $10 she spent on the movie ticket. From the perspective of an economist, if Karen decides to go to the concert with Carlos, what has she just done? Incorrectly allowed a sunk cost to influence her decision Made a choice that was not optimal Correctly ignored a sunk cost

One of the growers is excited by this advancement because now he can sell more crops, which he believes will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market. using the midpoint method, the price elasticity of demand for soybeans between the prices of $5 and $4 per bushel is , which means demand is between these two points. therefore, you would tell the grower that his claim is because total revenue will as a result of the technological advancement.