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ECON MACRO 5th Edition by William McEachern
Edition 5ISBN: 978-1305631946ECON MACRO 5th Edition by William McEachern
Edition 5ISBN: 978-1305631946 Exercise 11
BEHAVIORAL ECONOMICS A management consultant advised a small business owner to fully analyze all transaction costs, delineate the boundaries of the business, and develop an equation to calculate exactly economies of scope. The owner replied that there were not enough hours in the day to gather all this information and so the owner would just keep running the business in the same way as usual. What assumption from traditional economics is in dispute here?
Explanation
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Unbounded rationality:
Unbounded ration...
ECON MACRO 5th Edition by William McEachern
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