Learned about rational decision-making

Assignment Help Business Economics
Reference no: EM131414327

Answer the following questions based on what you have learned about rational decision-making. 

Give an example of an expensive product you would like to buy. How can you justify the purchase? How should you prepare financially once you have decided to make the purchase?

What aspects of your decision-making process fit the description of a rational choice? Did you consider costs and benefits? Did you pay attention to both monetary and non-monetary factors? Did you consider opportunity costs? Explain.

What information did you have to help make this a well-informed decision? Was there some information that is important to have before making the purchase?

Are there any parts of your decision-making process that were not rational? If so, describe one irrational element in your decision-making process. If not, describe an irrational economic decision that you might have made.

Reference no: EM131414327

Questions Cloud

Articulate and explain your ventures start-up costs : Within the Discussion Board area, write 400-600 words (no more than 1,200 words) that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive..
Determine whether or not you would use selection tests : Determine a recruitment method and sources would you use and explain your decision. Assess what type of interview would work best when hiring someone in an entrepreneurial environment. Determine whether or not you would use selection tests.
Bribery and corruption are economic in nature : Most recommendations for dealing with bribery and corruption are economic in nature; for example raising salaries, increasing punishment, and stepping up surveillance. Are there other ways to deal with corruption and bribery from a broad, social p..
Comment on at&t’s performance across the three-year period : In a three-year period AT&T, the telecommunications provider, reported net income of $1.9 billion (Year Three), a net loss of $13 billion (Year Two), and net income of $7.7 billion (Year One).
Learned about rational decision-making : Give an example of an expensive product you would like to buy. How can you justify the purchase? How should you prepare financially once you have decided to make the purchase?
Where do i think my attitudes toward writing : Choose one scene from your past which accurately represents an important part of your literacy experience. In a story-like fashion recreate this scene for your audience and then analyze why and how this experience influenced your personality as a..
Compute comprehensive income for 2009 : Describe how these activities are reflected on H&R Block's balance sheet, income statement, and statement of shareholders' equity
What are the conditions necessary for price discrimination : Explain how a monopolist can increase profits by price discriminating. What are the conditions necessary for price discrimination?
Can punishment be used as an effective form of motivation : Can punishment be used as an effective form of motivation in the workplace? Why or why not? Where and when is it appropriate to use punishment as a motivational tactic?

Reviews

Write a Review

 

Business Economics Questions & Answers

  Theory of the pure rate of interest in free market

In the Austrian theory of the "pure" rate of interest in a free market, interest rates are a function of

  Two firms with demand function

Using Cournot model we have two firms with demand function of P=150-2Q and both have total cost of 30Q. What is the price each firm 1 and firm 2 will charge - can you work so I can understand?

  Why industry is currently operating where the mc produced

A industry is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do.

  Current international monetary fund lending policies

What opportunities might current International Monetary Fund (IMF) lending policies to developing nations create for international businesses?

  Arguement put forth by advocates of the singlr tax movement

The main arguement put forth by advocates of the singlr tax movement was that:

  What is the difference between a profit and a rent

What is the difference between a profit and a rent? If a firm is interested in maximizing profits, why would it stay in an industry if profits are zero?

  The economy that might make that policy choice ineffective

Assume the following data for the economy in the United States: Inflation is at 4.5% and has been rising for the last 3 years from a low of 1.2%. What problem is the economy facing?  What could happen in the economy that might make that policy choice..

  To compare levels of production from different years

To compare levels of production from different years, the appropriate measure to use is:

  Using the supplemental readings

Using the supplemental readings from Week IV describe what you think would have been the reaction of Georg Simmel to the iPod and 'Smart Phone'. Also,using one of the three secondary source readings (1900; From these Beginnings; "Mark Twain"; or Edwa..

  Accurate measure of overall joblessness

What are some of the problems with using the unemployment rate as an accurate measure of overall joblessness?

  Assuming that prices are set competitively

Assuming that prices are set competitively (i.e. set equal to MC of producing services), show in a supply-demand graph how we could measure the “efficiency loss” (or deadweight loss) associated with health care over-consumption.

  The broker has an initial margin requirement

Let P be the price of a stock. The broker has an initial margin requirement of m0, where 0

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd