Todd Is Outgoing,charming,creative,and Has a Beautiful Singing Voice

question 6

Multiple Choice

Todd is outgoing,charming,creative,and has a beautiful singing voice.If you were asked to guess what Todd does for a living,and you used the availability heuristic and the conjunction fallacy as you generated your answer,which of the following would you suggest

• A) Todd is a musician who also works in public relations. 
• B) Todd is a musician. 
• C) Todd is an accountant. 
• D) Todd is an accountant who also builds model trains.

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Definitions:

Probability

A numeric representation ranging from 0 to 1 that describes the chance of an event taking place, where 0 is an event that won't occur and 1 is an event that is guaranteed.

Utility Function

A mathematical representation in economics that captures how consumers allocate their expenditure to maximize satisfaction or utility from goods and services.

Expected Utility Maximizer

An expected utility maximizer is an individual who makes choices based on the mathematical expectation of utility, aiming to achieve the highest satisfaction from uncertain outcomes.

Indifference Curves

Graphs that represent various combinations of goods that give a consumer equal utility or satisfaction.