Answer:
(A) Rational decision making, bounded rationality, and intuition
Explanation:
Rational decision making is a multi-step process for making choices between alternatives. The process ofrational decision making favors logic, objectivity, and analysis over subjectivity and insight.
Bounded rationality is the idea that in decision-making,rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.
Intuition is the ability to have a grasp on a situation or information without the need for reasoning. The opposite ofintuitive decision making is rational decision making, which is when individuals use analytics, facts and a step-by-step process to come to a decision.
Rational decision making, bounded rationality, and intuition plays an important role in making decisions.
Answer:
Many decisions are taken at the margin
Explanation:
Many decision are taken at the margin.
He makes small changes at the margin in the number of hours spent training on each activity.
Paola and his wife both realise that increasing time spend in the pool will decrease his total triathlon time.
His time is fixed (20hrs) and anytime he wants to spend extra on one activity, i means that he cannot spend time on another (this is known as opportunity cost).
They are both on the same page in terms of trying to improve Paolo's total time (exploiting opportunities to makes themselves better off).
1hour switch in Paolo's point of view isa major change, whereas his wife recommends a wholesale change.
Paolo realises that as he spends more time in the pool improving his swim time, his run and cycle times will take a hit. As he swims more, his improvement is likely to slow down, while spending less time on cycling and running will cost him more in terms of time.
Hence Paolo is looking at the margins.
His wife on the other hand, is not, she is ignoring the interaction, may be forgetting the ncreasing deterioration in terms of time of the other 2 legs
Answer: The answer is B) air quality and trash collection!
Hope this helps!!
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