Question

A friend once remarked that longer movies were a better deal than shorter movies because the ticket price was the same in both cases. Is this statement true or false?

Answer 1

Longer movies may seem like a better deal based on cost-per-minute when the ticket price is fixed. However, assessing value is not solely based on length; one must consider both the quality of the film and the opportunity cost of time spent watching it.

Step-by-step explanation:

The statement that longer movies are a better deal because the ticket price is the same can be seen as true from a cost-per-minute perspective. If the price of admission is fixed, a longer film provides more entertainment for the same cost. However, one must also consider opportunity costs and the value of one's time. For instance, in the case of Selena, who pays $8 for a movie that she finds terrible after 30 minutes, whether to stay or leave is a question of sunk costs versus the opportunity cost of her time.

Staying in the theater would mean investing more time in an unenjoyable experience, while leaving would allow her to pursue more pleasurable or productive activities. Therefore, the quality of the movie and personal enjoyment also play crucial roles in determining whether a longer movie is a 'better deal.'