« previous next »

Author Question: What do people try to achieve when they make a decision under uncertainty? What will be an ideal ... (Read 55 times)

cookcarl

  • Hero Member
  • *****
  • Posts: 539
on: Jun 29, 2018
What do people try to achieve when they make a decision under uncertainty?
 
  What will be an ideal response?

Question 2

What is a circular flow diagram and what does it demonstrate?
 
  What will be an ideal response?
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


lorealeza

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 29, 2018
Answer to Question 1

When making decisions under uncertainty people maximize their expected utility.

Answer to Question 2

A circular flow diagram is a model that illustrates how participants in markets are linked. It shows who supplies and purchases factors of production and who supplies and purchases goods and services.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

This one might make you look twice This one might make you look twice
In 2006 an Iraqi tribunal convicted Saddam Hussein of murdering his own people and sentenced him to In 2006 an Iraqi tribunal convicted Saddam Hussein of murdering his own people and sentenced him to
Make your mitochondria proud! Make your mitochondria proud!
Couples whose marriages have become distant or hostile can make changes in their patterns of ... Couples whose marriages have become distant or hostile can make changes in their patterns of ...
How People Match Their Goals to Their Means How People Match Their Goals to Their Means
Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ... Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ...
Video: Glomerubular filtrate rate -pressures that affect GFR and net filtration pressure

For a complete list of videos, visit our video library