Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 2, Problem 9P
To determine
Whether one should go for movie this Friday along with the factors that affect the benefits and costs of the decision and where uncertainty affects it.
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Describe the Rational Decision making Process?
What we sacrifice, or give in return, when we make a decision or make a choice is:Response option group
a) A cost that can be avoided if we make well-thought-out decisions.
b) The opportunity cost of said decision.
c) The cost incurred for not making a good decision.
d) The additional cost of purchasing an additional unit of product.
When looking for which university you want to get admitted to you must have looked for information and then came to a decision. Explain this process using the rational decision-making process
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Similar questions
- Why is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.arrow_forwardgive three examples of important tradeoffs that you face in your lifearrow_forwardTell me about the market for vaccines. Who are the buyers and sellers? Again, what if there is no virus or pandemic. Elaborate on quantity demand versus quantity supplied and shifts of curve. What happens to price. What about profits? What about uncertainty!arrow_forward
- 10 A website called People to remember has been created to celebrate people who have had some lasting influence. Write a short profile (120-150 words) of someone famous from your country to appear on the website. Choose from these ideas or use an idea of your own. . a politician a sportsperson a performer an artistarrow_forwardThe XYZ company is currently evaluating its investment. If Mr. Dela Cruz, the chief operating officer conducted a survey and found that the employees want to put up a gym to make them health conscious, what will you advice Mr. Dela Cruz? A. put up the gym regardless of their financial condition because it will make the workers happy B. put up the gym if the marginal benefit is found to be greater than the marginal cost C. do not put up the gym because it is just an added cost D. the gym should not be part of the investment decision of the firm E. putting up the gym will always be beneficialarrow_forwardMarginal analysis is one of the most useful concepts in economic decision making. Discuss and show examples including graphs to support your answer.arrow_forward
- What Is Cost-Effectiveness Measures?arrow_forwardMaking a choice at the margin means? Deciding to do a little bit more or a little bit less of an activity. Spending your available grocery budget on the most essential items. Waiting until the last minute to decide what to do. Making a choice by comparing the total benefit and the total cost of an action.arrow_forwardJeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost? $25 The satisfaction of taking his friend to a movie $20 The popcorn at the moviearrow_forward
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