Whether making an uninformed decision is considered as irrational and to explain the ways by which right amount of information can be determined. Concept introduction: The decisions which are taken after analyzing the expected benefits and costs associated and it involves the process to select the best course of action based on facts and figures.

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What are the benefits to make rational decision?

Answer 1

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Chapter 1, Problem 5P

To determine

Whether making an uninformed decision is considered as irrational and to explain the ways by which right amount of information can be determined.

Concept introduction:

The decisions which are taken after analyzing the expected benefits and costs associated and it involves the process to select the best course of action based on facts and figures.

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What are the benefits to make rational decision?

Study the following text and answer the questions below it. How to Build a One-Match Campfire Building a campfire that you can light with one match is simple if you follow these easy steps. The first step is to prepare a safe place for your campfire. Clear an area on the ground at least 3 feet wide, and put a circle of stones around it. Second, gather fuel. You will need several sizes of fuel: small twigs, medium sticks, and large sticks. The next step is to build a tepee. Put a handful of twigs in a small pile, and use the small sticks to build a small tepee over the pile. Leave spaces large enough to drop a lighted match through. Next, build a cabin around the tepee using the medium sticks. Fifth, place two large pieces of wood on either side of the cabin, and lay two or three long sticks on top to make a loose roof. The last step is to light a match and drop it through a space in the tepee. Soon you will enjoy the warmth of a nice fire, and your friends will admire your skill at…

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