Jacques has plans to go to a play and already has a $50 nonrefundable, nonexchangeable, and nontransferable ticket. now kyoko, whom jacques has wanted to date for a long time, asks him to a party. jacques would prefer to go to the party with kyoko and forgo the play, but he doesn't want to waste the $$50 he spent on the play ticket.
from the perspective of an economist, if jacques decides to go to the party with kyoko, what has he just done?
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Jacques has plans to go to a play and already has a $50 nonrefundable, nonexchangeable, and nontrans...
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