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- How is expectation theory distinct from goalsetting theory?Analyse the six W's framework for the roots of uncertaintyI leave the keys in my car when I am home. People routinely ride bicycles without wearing a helmt. What is the most likely explanation for these types of behavior? O The marginal cost of removing my keys from the car and the marginal cost of purchasing and wearing a helmt are lower than the respective marginal benefits O High discount rates cause people to value future costs and benefits too low O The marginal costs of removing my keys from the car or wearing a helmet are high O People mistakenly estimate the probability of low frequency events at zero
- which of the following decision making models is based on the belief that human behavior is unerringly rational?What is meant by bounded rationality?Say for example your consumer is a middle-aged lady named Beatrice. She has been married to her husband John for 15 years. They have 2 children, and they all reside in the same household together. They are both working and receive an average income every month.This scenario describes one of the five (5) basic stages of the traditional household life cycle. Name all five (5) stages of the traditional household life cycle in the correct order. Indicate the current stage that Beatrice and John are in AND the current stage your consumer is in.
- How does the role of information in the rational model of decision making differ from the role of information in the behavioral model?Businesses and industry specialists in 2018 criticized the company Blockbuster for not being able to see that DVDs will soon become obsolete as all content moves towards digital streaming. What common bias in decision making is this referring to? Escalation of commitment Hindsight bias Risk aversion Anchoring biasHow do consumers gather information and develop knowledge on immunity? How do they use their knowledge in purchase decision making? with an real life exapmle
- The impact of Covid-19 on happiness is negative because: it decreased economic activity it allowed the government to infringe on people’s freedoms it obliged people to develop new Information Technology skills it coincided with prolonged cold and wet weather (i) A and D are correct (ii) A and B are correct (iii) A and C are correct (iv) All of the above are correctWhat is the definition of the More-is-better characteristic? Please explain, thank you.Explain in your words the ADIA model importance and provide an example to express your understanding of the concept