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Author Question: Explain why some amount of ignorance can be rational. What will be an ideal ... (Read 98 times)

Davideckstein7

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on: Jun 29, 2018
Explain why some amount of ignorance can be rational.
 
  What will be an ideal response?

Question 2

The figure above shows the costs for the typical grower in the perfectly competitive turnip market. Currently, the price of a ton of turnips is 1,200. The demand for turnips increases permanently.
 
  The turnip industry experiences neither external economies nor external diseconomies. In the long run, the price of a ton of turnips ________. A) increases so it is above 1,200
  B) is 1,200 and turnip growers will make normal profit
  C) decreases so it is below 1,200, and turnip growers will make normal profit
  D) decreases so it is below 1,200 and the turnip growers make an economic profit


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Kaytorgator

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Acquiring information is not costless. The rational voter will acquire information only if the expected benefit of the information exceeds the cost of acquiring the information. Often the expected benefit is less than the cost, so the person is rationally ignorant about some issues.

Answer to Question 2

B


Davideckstein7

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Jsherida

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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