2) Imagine your washing machine is broken, and you want to buy a brand new one. a) Search online and make a (random) list with ten washing machine models. (1 mark) b) What are the attributes of a washing machine that are most important to you? Describe your utility function u(a, b, c, d, p) where a, b, c, d are different attributes of the washing machine and p is the price. (1.5 marks) (1.5 marks) c) Make a choice using the "satisficing" heuristic. Describe your choice process. 3) Imagine you are the prime minister of Australia managing the response to the Covid-19 pandemic. Suppose your objective is to fully open Australian borders to international travel by January 1st, 2022. b. a. Write down 3 Key Results to measure your progress towards this objective. (1.5 marks) On the 27th of March, 2021, what was the number of COVID-19 vaccine doses administered per 100 people in Australia? (0.5 marks) c. Choose an OECD country (apart from Australia). Imagine that Australians use the number of COVID-19 vaccine doses administered per 100 people in your chosen OECD country as their reference point (RP). Suppose the difference between the number of COVID-19 vaccine doses administered per 100 people in Australia (AU) and Australians' reference point (RP) determine Australians' value v(x), where (x = AU-RP). Assume that the Australian public's value function is v(x) = 300x for losses (x < 0) and v(x) = 100x for gains (x 0) What was Australians' value on the 1st of March 2021? (1 mark) d. What was Australians' value on the 15th of March 2021? (1 mark) e. Comparing your citizens' values for c) and d) above, would you say you did well in progressing the vaccine rollout in March? (0.5 marks) 2