Economics Homework Solutions
#56639
Rational and irrational behavior
An economics professor went out to dinner one night. and observed one student drinking alot. The next day, a major test was scheduled to be taken. The professor's husband also a teacher, saw the student acting irrational. Under what conditions is the behavior irrational according to the properties of consumer behavior of economics? What situations could make the students behavior rational to show the best economical outcome?
The conditions under which behaviour is irrational, according to the properties of consumer behaviour of economics: The student keeps on drinking large quantities of liquor even though there is no reduction in the price of the liquor.
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