Table 16-2
Neem Products sells its Ayurvedic Neem toothpaste in two completely isolated markets with demand schedules as shown in Table 16-2. The average cost of production is constant at $2 per tube.
-Refer to Table 16-2.What are the total profits from both markets combined?
Definitions:
Halo Effect
The tendency of our general or overall liking for a person to influence our assessment of more specific traits of that person. The halo effect can produce inaccuracy in our ratings of others’ traits and performances.
Complexity-Extremity Effect
The bias where less complex schemas lead to more extreme judgments and evaluations.
Stereotypes
Fixed sets of characteristics that are attributed to all the members of a group; simplistic and rigid perceptions of members of one group that are widely shared by others.
Attribution Error
A cognitive bias that involves misattributing the causes of someone's behavior to their personality, rather than to situational factors.
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