« previous next »

Author Question: What do people try to achieve when they make a decision under uncertainty? What will be an ideal ... (Read 32 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?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Paths taken by honeyguides leading people to bees' nests Paths taken by honeyguides leading people to bees' nests
The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha
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
Alan Price - Poor People Alan Price - Poor People
Make your mitochondria proud! Make your mitochondria proud!
Many people consider the British statesman Winston Churchill (1874–1965) to be an exemplar of the ... Many people consider the British statesman Winston Churchill (1874–1965) to be an exemplar of the ...
Video: Non-polar compounds - insolubility

For a complete list of videos, visit our video library