Katerina likes apples better than she likes bananas, but she likes bananas better than shelikes oranges. Given a choice between oranges and apples though, Katerina will take theoranges every time.What can we say about Katerina's preferences in terms of the assumptions of rationalchoice theory?They violate the consistency assumption.They violate the completeness assumption.They violate the transitivity assumption.They satisfy all the assumptions of rational choice theory Isaiah would rather take the bus to work than walk, but he'd rather take a train than walkingor taking a bus.What can we say about Isaiah's preferences in terms of the assumptions of rational choicetheory?They violate the consistency assumption.They violate the completeness assumption.They violate the transitivity assumption.They satisfy all the assumptions of rational choice theory

Isaiah's Preferences:Isaiah's preferences violate the transitivity assumption of rational choice…

Answered: Katerina likes apples better than she…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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38 When you go to a supermarket and end up buying something that you didn't intent to buy, this is an example of making a A) rational decision B) intuitive decision C) escalation of commitment D) irrational decision E) bounded decision
35 *:A criticism of the rational choice model of decision making is-17 Ajthat it is never followed in practice. O B)that it is too complex for people in organisations to understand. C)the assumption that decision makers have unlimited resources to search for and process information. Djall of the above O
The following table lists the marginal benefit of a gallon of milk for one household's weekly consumption. Marginal Benefit of Milk Gallons Marginal of Milk Benefit Consumed (dollars) 1 $3.50 2 3.00 3 2.50 4 2.00 5 1.50 6 1.00 7 0.50 a. Graph the marginal benefit curve for this household. Instructions: Use the tool provided "Marginal benefit" to plot the line point by point (7 points total). 0 Marginal Benefit ce (dollars) 4.0 3.5 3.0 2.5 2.0 Tools Marginal bene
A decision tree Group of answer choices None of these statements. presents all decision alternatives first and follows them with all states of nature. All of these statements. presents all states of nature first and follows them with all decision alternatives. arranges decision alternatives and states of nature in their natural chronological order. alternates the decision alternatives and states of nature.
Which of the following is not a criterion for decision making? a. Maximum likelihood b. Bayes’ decision rule c. Maximax d. Maximin e. EVPI
true or false 8.Influence diagrams cannot be regarded as a method for eliciting decision trees.
A product that does not meet quality control standards and needs to be reworked to be salable as either an irregular or a good product is classified as: Group of answer choices A product that does not meet quality control standards and needs to be reworked to be salable as either an irregular or a good product is classified as: Defective units Scrap materials Waste materials
In Nisbett and Wilson's (1977) studies on consumers' awareness of purchasing decisions, , people were able to articulate accurately that they made their choice based on product color or softness people made choices based on the product softness or color, but thought they made the choice based on when they saw the product people made choices based on whether they saw the product last, but thought they made the choice based on product color or softness people were able to articulate accurately that they made their choice based on when they saw the product
6. A consumer has chosen the model of MP3 player that he intends to purchase. On his way to the store, he has a conversation with his sister about the MP3 player he is going to buy. She expresses her opinion about MP3 players. The factor that could come between the consumer's intention to buy an MP3 player and his ultimate purchase decision is directly related to O the consumer's evaluation process for MP3 players. Ounexpected situational factors surrounding the consumer's decision. O additional consumer research on MP3 players. O another's attitude toward the chosen product.
0:15:19 A coffee shop attempted to discover what customers really wanted from their coffee-drinking experience. It found that people liked to chat over their cup of coffee without anybody disturbing them. Therefore, the coffee shop allowed its customers to stay as long as they liked, without requiring them to order a new cup of coffee every 20 minutes to stay in the shop. This is an example of: Multiple Choice market orientation. brand orientation. 4
decribe the steps in the rational decision making process with example,include points : Recognizing and defining the decision situation,Identifying alternatives,Evaluating alternatives,Selecting the best alternative,Implementing the chosen alternative,Following up and evaluating the results.
what extent does the use of the decision tree business technique support Louis Pasteur’s statement?

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