This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Why do economists sometimes treat decision makers as boundedly ... (Read 49 times)

Tirant22

  • Hero Member
  • *****
  • Posts: 532
on: Jun 30, 2018
Why do economists sometimes treat decision makers as boundedly rational?

Question 2

As I add more workers to the factory line, the additional output produced by each additional worker seems to decline. Eventually, the workers just get in each others' way.. This statement by a factory supervisor refers to the law of:
 a. comparative advantage.
  b. demand.
  c. supply.
  d. increasing returns to scale.
  e. diminishing marginal returns.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

af

  • Sr. Member
  • ****
  • Posts: 356
Reply #1 on: Jun 30, 2018
Answer to Question 1

Economists often treat decision makers as boundedly rational because decision makers try their best for rationality but are constrained by limited information and limited processing abilities.

Answer to Question 2

e


Tirant22

  • Hero Member
  • *****
  • Posts: 532
Reply #2 on: Jun 30, 2018
Thank you


af

  • Sr. Member
  • ****
  • Posts: 356
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Traction is the application of a pulling force to maintain bone alignment during fracture healing. D Traction is the application of a pulling force to maintain bone alignment during fracture healing. D
Drugs used to treat respiratory disorders. Drugs used to treat respiratory disorders.
Drugs to Treat Alzheimer’s Disease Drugs to Treat Alzheimer’s Disease
Drugs used to treat respiratory disorders. Drugs used to treat respiratory disorders.
Drugs used to treat respiratory disorders. Drugs used to treat respiratory disorders.
Economic activity as viewed by environment and ecological economists Economic activity as viewed by environment and ecological economists
Video: Photosynthesis overview Animation

For a complete list of videos, visit our video library