What condition is behavior irrational-consumer behavior

Assignment Help Business Economics
Reference no: EM13853436

You went out to dinner one night and observed one of your patients drinking heavily. The next day the patient is to check into the hospital for a pre-scheduled surgery. Your colleague found out about this and stated the patient’s behavior was irrational. You disagreed. Under what condition is behavior irrational according to the properties of consumer behavior discussed in the chapter? What situation could make this patient’s behavior rational?

Reference no: EM13853436

Two goods are purchased such that marginal utility derived

Two goods are purchased such that the marginal utility derived from A is 440 utils, and from B is 870 utile; the price of B is $11 and the price of A is $5.50. For a given tot

What is the spring constant of the spring

A 0.20-kg metal sphere oscillates at the end of a vertical spring.As the spring stretches from 0.13 to 0.21 m (relative to itsunstrained length), the speed of the sphere decre

Fixed-asset tracking system-net after-tax cash flows

An industrial engineer proposed the purchase of RFID Fixed-Asset Tracking System for the company’s warehouse and weave rooms. The engineer felt that the purchase would provide

Determine the average cost of the crate

After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the average cos

Relative prices holding consumer utility level constant

An increase in the price of a good leads to. The consumption bundle that maximizes utility for a consumer is the bundle that. When the price of a good changes, ______ influenc

What are the loggers hoping to achieve

Suppose the logging industry forms a union that requires longer apprenticeships and charges high fees to its members. Discuss the reasons why loggers might place these stipula

What do you think the elasticities are in flower business

You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply

Individuals filing federal income tax returns prior

Individuals filing federal income tax returns prior to March 31 received an average refund of $1056. Consider the population of "last-minute" filers who mail their tax return


Write a Review

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