Of the 2542 Students Enrolled at a Midwestern College, 156

question 12

Multiple Choice

Of the 2542 students enrolled at a midwestern college, 156 were polled. Forty-two reported that they would
Definitely buy books at the college bookstore. The bookstore should prepare for

• A)700 students.
• B)684 students.
• C)about 600 students.
• D)at least 700 students.

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Definitions:

Bounded Rationality

Bounded rationality refers to the limitations on human decision-making caused by available information, cognitive limitations, and finite time.

Classical Decision Model

Describes decision‐making with complete information.

Optimising Decisions

Making choices that lead to the best possible outcome, considering all available information and constraints.

Satisficing Decisions

Choose the first satisfactory alternative that comes to your attention.