Microeconomics A Contemporary Intro
10th Edition
ISBN: 9781285635101
Author: MCEACHERN
Publisher: Cengage
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It is often costly to obtain the information necessary to make good decisions. Yet, your own interests can best be served by rationally weighing all options available to you. This requires informed decision making. Does this mean that making uninformed decisions is irrational? How do you determine how much information is the right amount?
Purposeful behavior means that:
people are selfish in their decision-making.
people weigh costs and benefits to make decisions.
people are immune from emotions affecting their decisions.
decision-makers do not make mistakes when weighing costs and benefits.
Describe the Rational Decision making Process?
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- Does the decision you choose turned out to be effective?how?arrow_forwardWhich of these is a guideline for making a decision? Guaranteed gain Marginal cost is less than marginal price. Marginal utility is greater than marginal cost. Opportunity cost is less than marginal cost.arrow_forwardEvaluate wrong options as well.arrow_forward
- If it is impossible to acquire sufficient information to make an informed decision, what can be the least risky option to take? Using gut feelings Not doing anything Do something because something is always better than nothing. Let someone else make the decision.arrow_forwardDescribe two decision-making traps identified in Chapter 11 of your text that affected important choices you have made in your lifearrow_forwardIf behavior is governed by rational self interest why do people make charitable contributions of time and moneyarrow_forward
- 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 processarrow_forwardWhat type of bias relies too heavily on one piece of information in making a final decision? A. Availability Heuristic Bias B. Bandwagon Effect C. Anchoring Biasarrow_forwardWhy does knowing the facts help people maximize their choicesarrow_forward
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