Discuss making irrational choices

Reference no: EM133197611 , Length: Words Count:150

Assignment:

Discussion: Making Irrational Choices

Respond to the following prompts in a post with a minimum of 150 words.

• Brainstorm common items that you think consumers pay too much for or that you think are overpriced (i.e. movie theater popcorn, brand name items, souvenirs„ etc.). Now think of something more specific, either something that you or someone who know has purchased. For example, I know someone with a baby who was traveling and purchased a small pouch of baby food for $2.00, when even more baby food could have been purchased in a jar for around $ 0.50.

• Write about your example, then use the principles you've learned about (like scarcity, opportunity cost, rationality, and marginal analysis) to explain why a person would make the decision to purchase that good.

Reference no: EM133197611

Questions Cloud

What factors contributed to the stagflation of the 1970s : What factors contributed to the stagflation of the 1970s? How did Volker deal with the high inflation? Cuyamaca College. econ 120.

Importance of corporate ethics in a business environment : What do you believe about the importance of personal and corporate ethics in a business environment?

What is the difference between risk and uncertainty : Provide examples of what your organization has done, or not done, to deal with risk and uncertainty. College American.

Discuss the factors caused starbucks sales : Discuss the factors that caused Starbucks' sales to stumble in the mid-to-late 2000s. Barton College.

Discuss making irrational choices : Discussion: Making Irrational Choices-Brainstorm common items that you think consumers pay too much for or that you think are overpriced.

Identify sources of high-quality information from economic : The bibliography should summarize 6 new sources of high-quality information from economics on your topic. George Mason University.

What is a development bank : What is a development bank? What are some of the reasons they have not had greater success? University of California Irvine. econ 157.

Describe an endogenous growth model : Could this claim be true in a world described by an endogenous growth model? George Washington University. Econ 301.

Should the federal reserve system control the nations money : Should the Federal Reserve System control the nation's money supply? University of Sudbury.

User Account

All Pages