« previous next »

Author Question: What do people try to achieve when they make a decision under uncertainty? What will be an ideal ... (Read 39 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 B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

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.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Values, both those held by individuals and those that represent a nation or people, can undergo deep ... Values, both those held by individuals and those that represent a nation or people, can undergo deep ...
Older people who exercise cognitive skills, like these chess players, retain those skills well into ... Older people who exercise cognitive skills, like these chess players, retain those skills well into ...
Two wells are filled with the same antigen, and when they diffuse to the antibody, they make a line ... Two wells are filled with the same antigen, and when they diffuse to the antibody, they make a line ...
Ads from the public service campaign in the late 1960s and early 1970s that encouraged people to get ... Ads from the public service campaign in the late 1960s and early 1970s that encouraged people to get ...
People using walkers typically have a high level of mobility impairment. People using walkers typically have a high level of mobility impairment.
Sensory Crossover Device for Visually Impaired People Sensory Crossover Device for Visually Impaired People
Video: Digestion Animation

For a complete list of videos, visit our video library