In Problem 12, Recall That Tommy Twit's Mother Measures the Departure

question 10

Multiple Choice

In Problem 12, recall that Tommy Twit's mother measures the departure of any bundle from her favorite bundle for Tommy by the sum of the absolute values of the differences. Her favorite bundle for Tommy is (2, 7) , that is, 2 cookies and 7 glasses of milk. Tommy's mother's indifference curve that passes through the point (c, m) = (4, 5) also passes through

• A) the points (4, 7), (2, 5), and (2, 9).
• B) the point (2, 7).
• C) the points (2, 3), (6, 7), and (4, 9).
• D) the point (6, 3).
• E) None of the above.

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Definitions:

Availability Heuristic

A cognitive bias that causes people to overestimate the probability of events associated with memorable or vivid examples.

Satisficing

A decision-making strategy that entails selecting the first option that meets a minimum set of criteria, rather than optimizing.

Heuristic

Cognitive shortcuts or rules of thumb that simplify decision making, often at the expense of accuracy or completeness.

Mechanical Procedure

A process or operation that is carried out with machinery or equipment rather than by hand or through human effort.