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In other words, the speaker is not achieving maximum utility by attending the lectures.
In this situation, the economic decision maker would attempt to maximise net benefit and consider the concept opportunity cost. Considering they have already spent the $1500 for an activity which is “useless and boring”, the economic decision maker would consider undertaking other activities which he/she would obtain maximum utility – such as watching a movie, working at a shop or any other activity which is not “useless and boring”.
b) “Housing prices in Sydney are overvalued.”
This is an example of a normative economic statement, as it implies that housing prices should be lowered as they are currently “overvalued”...
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