A Contractor Is Preparing a Bid to Install Swimming Pools

question 35

Essay

A contractor is preparing a bid to install swimming pools at a new housing addition.The estimated time to build the first pool is 35 hours.The contractor estimates a 90 percent learning rate;what is the estimated time to install all 30 pools? Refer to the copy of Table I.1 appended to this exam.

Identify and describe systematic behavioral mistakes such as overconfidence, availability bias, and brand loyalty despite evidence.

Explain the use of the Borda count and pairwise voting in decision making processes.

Understand the principles of behavioral economics with insights from psychology.

Understand the median voter theorem and its implications for political economy.

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Definitions:

Sociological Imagination

The ability to see the link between individual circumstances and larger social structures, coined by sociologist C. Wright Mills.

Historical Forces

Broad, powerful factors that shape societies and historical events over time, including economic conditions, political movements, and social change.

Colonialism

A policy or practice by which a powerful country directly controls less powerful countries and exploits them economically, defining much of global history and resulting in lasting socio-political and economic impacts.

Racial Groups

Categories of humans based on shared physical or social qualities into groups generally viewed as distinct by society. The criteria for such grouping can be controversial and vary widely.