« previous next »

Author Question: What do people try to achieve when they make a decision under uncertainty? What will be an ideal ... (Read 30 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?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

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

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Old people Old people
A propaganda poster enshrining Stalin proclaims that he has led his people “Forward to ... A propaganda poster enshrining Stalin proclaims that he has led his people “Forward to ...
Despite the globe’s vast social change, people all over the world continue to make race a ... Despite the globe’s vast social change, people all over the world continue to make race a ...
Make a note of the reading on the gauge after the first “puff,” which indicates the first ... Make a note of the reading on the gauge after the first “puff,” which indicates the first ...
Societal pressure to be thin can cause people to feel fat Societal pressure to be thin can cause people to feel fat
Analysts expect Virtucon to make payouts of $8.7643B at the end of this year. Assume that all ... Analysts expect Virtucon to make payouts of $8.7643B at the end of this year. Assume that all ...
Video: Interview with an Anorexic Woman (Part 1 of 2)

For a complete list of videos, visit our video library