MANAGERIAL ECONOMICS
5th Edition
ISBN: 9781337106658
Author: FROEB
Publisher: CENGAGE L
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Question
Chapter 1, Problem 3MC
To determine
Find out which is not included in the three problem solving principles.
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Students have asked these similar questions
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.
Which 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.
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?
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- If behavior is governed by rational self interest why do people make charitable contributions of time and moneyarrow_forwardWhy 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_forwardimplementation and enforcement of the seat belt law has resulted in an increase in the number of accidents. which core principle is represented in this scenario(if any)? Explanation choose one deminishing returns people response to an incentive cost benefit analysis the suitation does not represent a core principle incentive principle cost,choice,opportunity cost scarcity, choice, opportunity cost compare the cost verses benefit in making decision adding more variable cost to a give fixed factorarrow_forward
- Which of the statements below is a positive statement? Group of answer choices PCC should not have changed the class schedule at the last minute because it makes it more difficult for students. High grocery prices during a pandemic are unfair to unemployed households. Many businesses have benefited from increased sales during the pandemic. The federal government should increase healthcare funding to states during the pandemic.arrow_forwardPlease ASAP this multiple choice question. Thank you. In the 1980s , Boston developed Operation Ceasefire, which was meant to clearly describe the consequences of criminal activity to a tageted group of high risk repeat offenders. This type of program best represents which purpose of punishment? A. Incapacitation B. Retribution C. General deterrence D. Specific deterrencearrow_forwardAssistance please implementation and enforcement of the seat belt law has resulted in an increase in the number of accidents. 1. which core principle is represented in this scenario(if any)? choose one deminishing returns people response to an incentive cost benefit analysis the suitation does not represent a core principle incentive principle cost,choice,opportunity cost scarcity, choice, opportunity cost compare the cost verses benefit in making decision adding more variable cost to a give fixed factor Explaination choose one deminishing returns people response to an incentive cost benefit analysis the suitation does not represent a core principle incentive principle cost,choice,opportunity cost scarcity, choice, opportunity cost compare the cost verses benefit in making decision adding more variable cost to a give fixed factorarrow_forward
- Describe 3 ways in which human decision making differs from the rational individual conventional economic theory.arrow_forwardImplementation and enforcement of the seatbelt law has resulted in an increase in the number of accidents. which core principle is represented in the scenario (if any) choose: a. Cost-benefit analysis b. The situation does not represent a core principle c. Scarcity, choice and opportunity cost d. Diminishing returns e. Compare the cost versus benefit in making decision f. Incentive principle g. Scarce resources so choice has to be made h. People are responding to an incentive I. Adding more variable factor to a given fixed factorarrow_forwardBecause gun violence is portrayed frequently on television and in movies, people mistakenly assign too high of a probability that they will fall victim to gun violence and too low of a probability to more likely but less publicized events. This phenomenon illustrates which one? that events are poorly framed by the media. that people suffer from hindsight bias. the effect of the availability heuristic. the self-serving bias at work.arrow_forward
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