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 31 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?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

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?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

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
When the United States gets stuck over a controversial issue—usually something a divided Congress ca When the United States gets stuck over a controversial issue—usually something a divided Congress ca
Drugs Used to Treat Multiple Sclerosis Drugs Used to Treat Multiple Sclerosis
Ethical Decision-Making Model Cont Ethical Decision-Making Model Cont
Mechansim of actions of drugs used to treat heart failure Mechansim of actions of drugs used to treat heart failure
Drugs used to treat respiratory disorders Drugs used to treat respiratory disorders
Video: EpiPen Animation (Part 2)

For a complete list of videos, visit our video library