Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 5P
To determine
Whether making an uninformed decision is considered as irrational and to explain the ways by which right amount of information can be determined.
Concept introduction:
The decisions which are taken after analyzing the expected benefits and costs associated and it involves the process to select the best course of action based on facts and figures.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
8 Write an email (120-150 words) to ask for
•
information about an activity that you would like
to do. Use an idea from the list or your own idea.
Follow the content checklist and remember to use
indirect questions.
a course at a college or with a one-to-one tutor
a sport / activity at a gym
joining a volunteering group
Checklist
• how you heard about the course / activity/group
⚫ the days and times
⚫ the cost
if you need any experience / skills
• if you need any equipment
Judging types
O Miss deadlines
Take a long time to make
decisions
Are judgmental people
Come through with their
decisions at the last minute
O Are all about their schedule and
making decision upfront
The option or alternatives from which decision are made
Knowledge Booster
Similar questions
- Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.arrow_forwardWhy it is essential to focus on the customer when planning sales calls?arrow_forwardInfo in imagesarrow_forward
- Rational decisions are made through a process (a) that takes a long time and much effort (b) of cost/benefit analyses (c) that clearly indicates what one choice is best (d) of finding the lowest price for a product.arrow_forwardQuestion Completion Status QUESTION 18 You produce two outputs: school-related output änd other output. Everything fits into these two categories. These two output represent your personal PPE. Describe a situation in which you operated inside your PPF.arrow_forwardwhich 2 tools/concepts wil help to become better manager/decision makerarrow_forward
- Question 2 A rational person makes a choice if Group of answer choices the choice makes money the benefits outweigh the costs the costs outweigh the benefits the choice is ethicalarrow_forwardWhen managing time, consumers should consider time as if it were: (a) money or a scare resource (b) A commodity (c) A personal goal (d) A free resourcearrow_forwardEconomics A person likes to gamble and has $100 on him. He is going to play the following game: if he bets $b, then with probability p, 0 < p< 1, he will win $b; with probability 1 – p, he will lose his $b. He is given the opportunity to play at most 20 times. He is a very disciplined gambler and is going to use the following strategy: • Every time he plays, he will make a bet equal to half of the amount of money he has at that moment. • If the amount of money he has gets to $300 or higher, then he will stop playing. Find the probability that, starting with $100 and given 20 chances to play the game, this person will get to $300 or more. Formulate this problem recursively by writing down the “Bellman equation." What is (are) the state variable(s)? Be specific about any constraints or initial/boundary conditions for this problem.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co