Consider the following three statements: a. You are planning a conference in St. Petersburg, Russia, and your

Question:

Consider the following three statements:

a. You are planning a conference in St. Petersburg, Russia, and your closing gala will be on a cruise boat in November. Do you think hosting the event on a boat is a rational choice?

b. You have to reach the airport during rush hour to catch your flight to St. Petersburg. You have two options:

take the underground or take a taxi. Although you have an hour to get there, traffic most of the time is heavy during rush hour. Which option would be the rational choice?

c. Suppose you decided to take a taxi to the airport and made it to the airport in time. Once you landed in St. Petersburg, you noticed that the temperature was surprisingly mild, making the cruise boat experience comfortable. Do these outcomes mean that the decisions to host an event on a cruise boat in November and take a taxi to the airport were rational?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

3E Economics

ISBN: 9781292411019

3rd Global Edition

Authors: Daron Acemoglu, David Laibson , John List

Question Posted: