Problem on rational decision maker

Assignment Help Microeconomics

Reference no: EM13517860

Yesterday you were unexpectedly given a free ticket to a Britney Spears concert scheduled for November 1. The market price for the ticket is $75, but the most you could sell it for is only $50. Today you discover that Pink Floyd will be having a reunion concert on the same evening. Tickets for the Floyd concert are still available for $75. Had you known before you received your Britney ticket yesterday that Pink Floyd would be coming, you definitely would have bought a ticket to see them, not her.

Given the information above, it follows that if you are a rational decision maker, you should attend the Floyd concert. Explain.

Reference no: EM13517860

Questions Cloud

Great powers are reconfiguring their military forces : Most of the great powers are reconfiguring their military forces in the post cold war era. what kinds of capabilities do you think your own country needs in this period and why

Find the index of refraction of mineral oil : A beam of light traveling in air strikes the surface of mineral oil at an angle of 20.7° with the normal to the surface. find the index of refraction of mineral oil

Estimate rms voltage is developed across the secondary coil : The primary coil of a transformer has N1 = 4.50 102 turns, and its secondary coil has N2 = 1.35 103 turns. what rms voltage is developed across the secondary coil

Explain the vmax of the enzyme when enzyme concentration : What is the Vmax of this enzyme when enzyme concentration equal to 0.3 mg ml-1? b) When the above reaction was carried out in the presence of 2.5 ?M inhibitor, the Vmax is 0.03 M sec-1. What kind of inhibitor is this. Justify your answer with prop..

Problem on rational decision maker : Had you known before you received your Britney ticket yesterday that Pink Floyd would be coming, you definitely would have bought a ticket to see them, not her.

How to calculate the molar heat solution of rbbr : When a 7.00 g sample of RbBr is dissolved in water in a calorimeter that has total heat capacity of 3.565 KJ.K^-1, the temperature decreases by 0.260K. Calculate the molar heat solution of RbBr

African nations face after gaining independence : At the conference of berlin in 1885 european leaders failed to consider what three factors when drawing Afrfica's political boundaries? As a result of failing to consider those three things what 4 major problems did the african nations face after gai..

Explain intermediates going from starting materials to tpcp : Draw a mechanism showing electron flow with curvy arrows that includes all steps and intermediates going from starting materials to TPCP

What is the tension in the wire holding the sign : A beam is attached to a vertical wall with a hinge so that the beam can be supported horizontally with a wire and a sign can hang below. What is the tension in the wire holding the sign

User Account

All Pages