One of the primary assumptions of economics is that people are rational and make rational economic...

Question

One of the primary assumptions of economics is that people are rational and make rational economic choices based on available information. To examine this assumption, consider yourself a sample of one and examine your economic choices.

Respond to the following:

Identify and describe one of your recent economic decisions or choices. (Note that you need not share information you consider confidential.)
Explain why the decision was rational. Give reasons for your answer.
Provide an example where you have encountered increasing opportunity costs.

Azra S · Accepted Answer

Buying decisions and Opportunity costs
I recently bought a laptop computer. It took me long time to make the decision, but I suppose it was a rational decision. The reason for this is that, my old laptop had become worn-out. Even though it was still functional and worked, I still bought a new one. Some parts of the computer didn’t work well. The keyboard had lost a few functional keys and the microphone was damaged. In addition,

One of the primary assumptions of economics is that people are rational and make rational economic choices based on available information. To examine this assumption, consider yourself a sample of one...

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