You have bought a $10 ticket in advance for the college soccer game, a ticket that

Chapter 0, Problem 5

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You have bought a $10 ticket in advance for the college soccer game, a ticket that cannot be resold. You know that going to the soccer game will give you a benefit equal to $20. After you have bought the ticket, you hear that there will be a professional baseball post-season game at the same time. Tickets to the baseball game cost $20, and you know that going to the baseball game will give you a benefit equal to $35. You tell your friends the following: If I had known about the baseball game before buying the ticket to the soccer game, I would have gone to the baseball game instead. But now that I already have the ticket to the soccer game, its better for me to just go to the soccer game. Are you making the correct decision? Justify your answer by calculating the benefits and costs of your decision.