Suppose your teacher finishes class 30 minutes early on the day before an exam. She indicates that you may leave, or you may stay on for an optional study period that will last for the remaining 30 minutes of the scheduled class time. You should:
choose to stay only if you like the instructor, since the value obtained is higher than if you disliked the instructor.
choose to stay only if the benefits gained from the extra study session exceed the cost of another 30 minutes in class.
always choose to stay for the study period, since you have already paid for the class time.
choose to stay for the study session only if you do not plan to study on your own for the exam.
The best choice in this scenario is:
choose to stay only if the benefits gained from the extra study session exceed the cost of another 30 minutes in class.
This option emphasizes a rational decision-making process based on a cost-benefit analysis. You should consider whether the additional study time will provide you with more value (such as better preparation for the exam) than the cost of spending an extra 30 minutes in class. If the benefits outweigh the costs, then it makes sense to stay; if not, you can choose to leave.