Rationality assumption - Study guides, Class notes & Summaries

What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - Answer- Assumption that rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. However this is challenged by the consumer's "bounded rationality" - rational consumer is only functional up to a certain point because choices are constrain...

What is the industry term used to describe the sum of prices paid by a business's customers? - Answer-Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer-Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer-Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - AnswerProfit What element is not present in a barter economy? - Ans...

CDASA CCT_____________ is fundamentally a mental process, but understanding this process is hindered by the lack of conscious awareness of the workings of our own minds. - correct answer Intelligence analysis Conscious application of tools and techniques that should be in the analytical tradecraft toolkit of all intelligence analysts does not help in improving the workings of our own minds. T/F - correct answer F We devote a lot of attention in our thinking. T/F - correct answer f ...

attraction of private exchanges for employers - ANSWEROne big attraction of private exchanges for employers is the opportunity to change from a traditional premium contribution model, where the employer typically pays 75-80% of the premium, or premium equivalent rate, to a defined contribution model. Because private exchanges provide a wider array of choices to employees, the employer can more easily change from the traditional contribution model to a defined contribution model where a flat...

CDASA CCT Questions with complete solution 2024 _____________ is fundamentally a mental process, but understanding this process is hindered by the lack of conscious awareness of the workings of our own minds. - correct answer Intelligence analysis Conscious application of tools and techniques that should be in the analytical tradecraft toolkit of all intelligence analysts does not help in improving the workings of our own minds. T/F - correct answer F We devote a lot of attention in o...

MECE - ANSWER--Mutually Exclusive (each issue is separate & distinct) Collectively Exhaustive (every aspect comes under only one issue) -McKinsey Tool --know all the facts/details -guard against making early selection of solutions before all other facts are known Mother City - ANSWER--Caral, Peru; "mother city" of Incan civilization -complexity and scope -hierarchy of living arrangements -served as a major trade area --> rise of class divisions Transaction Costs - ANSWER--Wil...

ECON-B 251 Exam 1 Questions with 100% Correct Answers | Verified | Latest Update

CEBS GBA Exam 2 Question with complete solution 2023/2024What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - correct answer Assumption that rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. However this is challenged by the consumer's "bounded rationality" - rational consumer is...

ECON-B 251 Exam 1 Questions And Answers Rated A+. Revenue equation - correct answer. Price x Quantity (P*Q). Rate of change - correct answer. Price/Quantity (P/Q) - For a linear relationship, this is consistent across the equation -For a nonlinear equation, this can be extracted as the tangent of a specific point on the equation. Economics - correct answer. The study of allocation of scarce resources. Microeconomics - correct answer. Study of decision making b...