Economic Decision Making
Economic Decision Making Question One
The answer to economic decision making question one is that when Mr. and Mrs. A purchased the first house they viewed, it is factual that they missed three of the six decision steps for a successful decision maker. They had defined the problem and the objective as getting the house that suits their demands. Writers who offer economics assignment help at Edudorm essay writing service notes that additionally, they made a choice although they did not consider the issue of alternatives. However, it is exhibited that they did not explore the available alternatives and from this, they failed to predict the consequences of they made a wrong an appropriate decision. Lastly, lack of alternatives resulted to failure to perform sensitivity analysis to assess the effectiveness of the optimal decision.
Economic Decision Making Question Two
The answer to economic decision making question two is that for the firm B to invest 5 years and 6 million in a new product that they are not sure whether it will compete profitably in the market missed some steps of successful decision making. Experts who offer accounting assignment help at Edudorm essay writing service indicates that in making this choice, the firm had defined its problem and determined the objective. However, it is perceptible that the firm did not consider the alternatives, predict the consequences of investing immensely on a new product and perform the sensitivity analysis (Dlabay & Scott, 2010).
Economic Decision Making Question Three
The answer to economic decision making question three is that leaving the mattress that blocked one lane on the highway missed three major steps of appropriate decision making. Authors who offer economics homework help at Edudorm essay writing service points that to start with despite defining the problem and determining the objective as leaving the mattress there, this decision lacks consideration of the alternatives, prediction of the consequences in the traffic enlarges, and performing sensitivity analysis. Alternatives such as taking away the mattress from the road dispose it in another place and just keeping it beside the road are applicable in this case.
Question Four
The answer to economic decision making question four is that banning the use of thalidomide and withdrawing it from the drug market missed a decision making step which is exploring the alternatives. Tutors who offer accounting homework help at Edudorm essay writing service acknowledges that though it is not clear whether the government proposed for a replacement of the drug but it seems that they did not consider the alternatives such as removing the elements that made thalidomide defective for pregnant women (Stolberg, 1997).
References
Dlabay, L. R., & Scott, J. C. (2010). International business. Mason, Ohio: South-Western.
Stolberg, S., G. (1997). Thalidomide, long banned, wins support. New York Times.
