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Author Question: Why do economists sometimes treat decision makers as boundedly ... (Read 56 times)

Tirant22

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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.


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af

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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

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Reply #2 on: Jun 30, 2018
Thank you


af

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Reply #3 on: Jun 30, 2018
No problemo


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