Pareto criterion is a very useful criterion for social choices in many real-world situations since most policy changes produce both gainers and losers TRUE OR FALSE
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Pareto criterion is a very useful criterion for social choices in many real-world situations since most policy changes produce both gainers and losers
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- Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace and Minimax Regret. Use the .50 for the probability of a Good Economy and .50 for the probability of a Poor Economy. You must show your work for obtaining the points. STATE OF NATURE DECISION ALTERNATIVE GOOD ECONOMY POOR ECONOMY Sotck market 80,000 -20,000 Bonds 30,000 20,000 CDs 23,000 23,000Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace and Minimax Regret. Use the .50 for the probability of a Good Economy and .50 for the probability of a Poor Economy. You must show your work. STATE OF NATURE DECISION ALTERNATIVE GOOD ECONOMY POOR ECONOMY Sotck market 80,000 -20,000 Bonds 30,000 20,000 CDs 23,000 23,000Identify each of the following examples as a programmed or nonprogrammed decision. Example Determining when to pay taxes Determining whether or not to ground an entire fleet of airplanes after one similar airplane has had an accident Identify the order in which the following steps are taken in the decision-making process. Step Monitoring the outcomes of a decision to see if it meets its objective Gathering information relevant to the problem Recognizing the problem Selecting the alternative that best meets the decision objective Listing and evaluating alternative courses of action Implementing the decision Identifying the objective of the decision Order 7 2 ▼ 1 ▼ 5 ▼ 4 ▼ 6 3 ▼ Programmed Decision Nonprogrammed Decision
- A person must score in the upper 2% of the population on an IQ test to qualify for membership in Mensa. If IQ scores are normally distributed with a mean of 100 and a standard deviation of 15, what score must a person have to qualify for Mensa?Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.You live in a small town and you need an attorney. Aunt Marcella has died, and you are the executor of her rather complicated estate. You need an attorney who is an expert at probate work to help you with probating the will. You could hire one of the two attorneys in your small town, or you could hire one of the hundreds of attorneys from the big city down the highways. Thinking like an economist, will you want to hire a small-town attorney or a big-city attorney to help you with this complicated estate, and why?
- In a study of the domestic market share of three major automobile manufacturers A, B and C in a certain country, it was found out that of the customers who bought a car manufactured by A, 75% would again buy a car manufactured by A, 15% would buy a car manufactured by B and the rest wouldbuyacarmanufacturedbyC.OfthecustomerswhoboughtacarmanufacturedbyB,90% would again buy a car manufactured by B, 5% would buy a car manufactured by A and the rest would buy a car manufactured by C. Of the customers who bought a car manufactured by C, 85% would again buy a car manufactured by C, 5% would buy a car manufactured by A and the rest would buy a car manufactured by B. Required The long run market share of the manufacturersDescribe two (2) positive and two (2) negative effects, decisions etc., that a rise in the price of animal feed, due to the shortage of soybean meal and corn, may or will have on a typical household in a country.Bias in decision-making happens without a thought in most decisions. Identify a recent or current event in which you think bias was evident in the decision-making process surrounding that event.
- How does the presence of uncertainty affect the usefulness of the model?The consumer market consists of all the individuals and households that buy or acquire goods and services for personal consumption. The simplest model of consumer buyer behavior is the stimulus-response model. According to this model, marketing stimuli (the four Ps) and other major forces (economic, technological, political, cultural) enter the consumer’s “black box” and produce certain responses. Once in the black box, these inputs produce observable buyer responses, such as brand choice, purchase location and timing, and brand engagement and relationship behavior. If you want to buy an air conditioner then how this stimulus response model will affect your buying decision.Focusing on symptoms instead of causes is the right thing to do in defining the problem in the decision- making process True False