This topic contains a solution. Click here to go to the answer

Author Question: Why do economists sometimes treat decision makers as boundedly ... (Read 44 times)

Tirant22

  • Hero Member
  • *****
  • Posts: 532
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
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

af

  • Sr. Member
  • ****
  • Posts: 356

 

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

For a complete list of videos, visit our video library