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Concept of heuristics and biases

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Please answer each question. Explain why you chose the answer that you did by drawing on the concept of heuristics and biases in decision making in Chapter 15. Please reference the relevant concepts and theories in your response

1. Fortune magazine ranked the following 10 corporations as being among the 500 largest United States-based according to sales volume for 2013

a. Group A: McDonald's, Visa, Amazon, Target. CocaCola

b. Group B: Berkshire Hathaway, General Electric, Valero, McKessonHewlett -Packard

Which group would you say had the larger total sales volume. A or B? By what placentage (10 percent. 50 percent. 100 percent)?

2. The best student in your introductory MBA class this past semester writes poetry and is rather shy and small in stature. What was the student's undergraduate majorChinese studies or psychology?

3. Which of the following causes more deaths in the United States each year?

a. Stomach cancer

b. Motor vehicle accidents

4. Which would you choose?

a. A sure gain of $240

b. A 25 percent chance of winning $1,000 and a 75 percent chance of winning nothing

Reference no: EM133046903

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