Question
As per the behavioural theory of decision making by
Herbert Simon, there are three essential stages in the act of problem solving and decision making . Which of the following are those three stages?Solution
Behavioral approach is also known as descriptive approach and administrative model. This theory is proposed by Herbert A Simon, a well known economist, in which he attempts to explain how decisions are made in real life situations. A manager has to make decisions under different conditions and situations. Herbert Simon, the Nobel Prize winning researcher, showed that humans went through three essential stages in the act of problem solving and decision making. He called these the Intelligence, Design, and Choice stages.
Which method is used by Hicks to eliminate the income effect when price of a product is changed
In an open economy, ceteris paribus, If the marginal propensity to import increases, what will be the impact on Income Multiplier?
Calculate Domestic Income: