194k views
1 vote
In three to five sentences, describe how a consumer can use a cost-benefit analysis to decide between buying a concert ticket or buying a new pair of jeans. Mention the steps involved in analyzing each choice and how this process results in a decision.

User JKaz
by
7.9k points

1 Answer

5 votes
Cost benefit is a term used to describe a person choosing between two or more items and finding out which one is more valuable to the person. In the case of a concert ticket or a new pair of jeans, cost benefit is used in this way: There are two things compared, and they are deciding on whether it is more worth it to buy jeans or a ticket. In my opinion, in the case of the ticket, it is one-time use, and while it gives pleasure for a short amount of time, and maybe some good memories, it does not amount to much, except maybe bragging rights. In buying a pair of jeans, however, we can (if it is a wholesome jean, and not those jeans that are sold with holes already) already know that, depending on the user, it will last a lot longer than a ticket. The cost benefit of buying the jean exceeds the ticket by a lot because it is much more durable, lasts longer, and is a lot more useful. All these will make jeans the better choice

hope this helps
User Tri
by
8.2k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.