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- Which of the following is correct about positive statements? O a. None of these given options O b. It can be evaluated O c. It can be analyzed O d. Both; it can be evaluated and analyzedBounded rationality decision model focuses on how to rationalize choices after they have been made and try to justify decisions. O A. the statement is absolutely correct O B. the statement is absolutely incorrect O c. the statement is relatively incorrect O D. the statement is relatively correctAnastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Table 18.2 shows their first, second, and third choice preferences. Explain why they will have a hard time teaching a decision. Does the group prefer mountain biking to canoeing? What about canoeing compared to the beach? What about the beach compared to the original choice of mountain biking?
- Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.The term that refers to the situation where we dont have all of our needs and wants because resources are limited is refered to as O A. Decisions O B. None of the above O C. Choice O D. ScarcityPlease answer this specificly so o can understand how to do it. Thank you!
- Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.QUESTION 19 If one fails to account for implicit costs in decision making, then the cost-benefit rule will be flawed because, O A. the costs will be overstated O B. the costs will be understated C. the benefits will be overstated D. the benefits will be understated.Kal needs to hire a new landscaping service to take care of the small garden outside his office. He knows what tasks he wants done and how much he is willing to pay per week, and he hires the first service that agrees to his terms. Such an action is referred to as O Optimizing Framing O Satisficing O Minimizing O Maximizing Question 13 Feelings that are intense, short-term, and are clearly caused by an eventare called O Withdrawal Moods O Satisfaction O Trait affect O Emotions Question 14 In decision making, illusion of control, discounting the future, and framing effects are all examples of * Psychological biases O Social realities O Time pressures O Goal displacement O Vieilance
- What assumptions about the economy must he true for the invisible hand to work? To what extent are those assumptions valid in line real world?Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.What are four responses to the claim that people should not behave in the way described in this chapter?
