Brenda sees a television advertised around $500. when she finally buys one for $450, she feels she got a good deal. in this case, the $500 price acted as an anchor.
A cognitive bias known as the anchoring effect describes a common human tendency to excessively rely on the initial piece of information proposed when making a decision.
Anchoring occurs when people base subsequent judgments on an earlier piece of information during decision-making. Once an anchor is established, subsequent decisions are made by moving away from it, and there is a bias toward framing subsequent data in relation to the anchor.
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Answer:
wow this is a hard question hold on let me do some cauculations
Explanation:
Answer:
Miranda = $10; Jason = $0
Explanation:
Producer surplus is the difference between the price of a good or service and the least amount a producer is willing to accept for his product.
In this question, the price of tutoring is $30.
The least amount Miranda is willing to accept is $20. Her producer surplus is $30 - $20 = $10
For Jason, the least amount he is willing to accept is $35 which is higher than the price. Therefore, Jason would not accept to teach. As a result, his producer surplus would be zero.
I hope my answer helps you
<span>The answer is 131 Euro.
the value of the euro was 1.31 compared to the u.s. dollar, it means
</span>1 Dollar = 1.31 Euro
So, the ratio is
dollar : Euro
1 : 1.31
multiplying 100 on both sides
1 x 100 : 1.31 x 100
Now 100 dollars = 1.31 x 100 = 131 euro
