Explain the following: 1. People are not always rational 2. People care about the fairness of economic outcomes even to their detriment 3. They can be e inconsistent overtime 4. Sometimes people not only work to full fill their self interest

Explain the following: 1. People are not always rational 2. People care about the fairness of economic outcomes even to their detriment 3. They can be e inconsistent overtime 4. Sometimes people not only work to full fill their self interest

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter1: The Art And Science Of Economic Analysis

Section: Chapter Questions

Problem 2.2P

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Explain the following:

1. People are not always rational

2. People care about the fairness of economic outcomes even to their detriment

3. They can be e inconsistent overtime

4. Sometimes people not only work to full fill their self interest

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