Which of the following statements reflects why sunk costs are irrelevant? (Check all that apply.) The statement is not true – some sunk costs are relevant. Some costs have been committed to, and therefore are unavoidable. Some costs have been incurred already, and therefore do not change across alternatives in some current or future decision. Some costs change depending on how many units are purchased or manufactured.

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money.msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach