Heuristics are mental shortcuts that can facilitate problem-solving and probability judgments. These strategies are generalizations, or rules-of-thumb, that reduce cognitive load, and can be effective for making immediate judgments. These rule-of-thumb strategies shorten decision-making time and allow people to function without constantly stopping to think about their next course of action. Daniel Kahneman and Amos Tversky identified different kinds of heuristics: availability, representativeness, anchoring and affect.
Ajay purchased two items for a total of Rs. 750. He sold the first item at an 18% loss and the second item at an 18% profit. The selling prices of both ...
Mr. Joseph makes 1800 articles at a cost of 40 paise/article. He fixed the selling price such that if only 1000 articles are sold, he would have made pr...
An item is marked at Rs. 12,500. If it is sold for Rs. 8,500, Determine the % of discount given?
A shopkeeper made a profit of 60% by selling an article for Rs. 320. If he had sold it after allowing a discount of 20% on its selling price, then find ...
Ratio of cost price and marked price of an article is 1:3. If profit obtained is Rs. 3500 then the profit percentage is 50%. If discount is 10%, find th...
A man buys cashew nuts at Rs.600 per kg and sells them at Rs.15 per 50 grams. What is his profit/loss percentage?
Aaarav makes a profit of Rs. 122 if he sells a certain number of erasers he has at the price of Rs. 8 per eraser and incurs a loss of Rs. 25, if he sel...
A, B and C started a business. Twice the investment of A is equal to thrice the investment of B and also five times the investment of C. If the total pr...
Rohit sold a machine for Rs. 1,050 and made a profit of 5% on it. At what price should he sell the machine to make a profit of 18% on it?
Kailash went to purchase a chimney, the shopkeeper told him to pay 26% tax if he asked the bill. Kailash manages to get the discount of 12% on the actu...
