Explain Why You Might Want to Use Conditional Formatting

question 11

Essay

Explain why you might want to use conditional formatting.

Understand the concept of social loafing and conditions that influence it.

Identify the impact of first impressions and stereotypes on interpersonal behavior.

Comprehend the principles of self-fulfilling prophecy and its effects on behavior.

Familiarize with the process of social perception and cognition.

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Definitions:

Prospect Theory

A theory in behavioral economics that evaluates how people choose between probabilistic alternatives that involve risk, where the probable outcomes are known.

Diminishing Marginal Utility

The principle that as a consumer increases the consumption of a good or service, the marginal utility obtained from each additional unit of the good or service decreases.

Loss Averse

The tendency of individuals to prefer avoiding losses to acquiring equivalent gains, a fundamental behavior observed in economic and financial decision-making.

Framing Effect

A cognitive bias in which the way information is presented affects decision-making or judgments, leading individuals to alter their interpretation based on the "frame" of reference.