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6 September, 13:18

Lucinda prefers chrysanthemums to gardenias. Chrysanthemums are priced lower than gardenias. Lucinda chooses not to buy the chrysanthemums. What are reasons for lucinda's choice is consistent with rational consumer choice?

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  1. 6 September, 13:37
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    Complete question:

    Lucinda prefers chrysanthemums to gardenias. Chrysanthemums are priced lower than gardenias. Lucinda chooses not to buy the chrysanthemums. What are reasons for lucinda's choice is consistent with rational consumer choice?

    Lucinda would rather spend her income on other goods.

    Lucinda is not sure of her preferences.

    Lucinda does not know what is in her own best interest.

    Lucinda does not know the relative prices of the flowers.

    Answer:

    Lucinda would rather spend her income on other goods

    Explanation:

    Theory of Rational Decision claims that people make informed decisions and produce outcomes consistent with their own personal interests by making logical estimates. Such results are related to the best self-interest of an person.

    For example, fresh fruit and vegetables, clothes, chickens, books, and electronics may be sold. You could spend money on a new book or a video game or a nice bar if you are going to a swap meeting. Swap meetings are an example of the philosophy of free choice.
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