Jaelyn sees a sweater that she likes in a store. The price is $22. Jaelyn wouldn't usually
Question:
Jaelyn sees a sweater that she likes in a store. The price is $22. Jaelyn wouldn't usually purchase the sweater at this price, but then she notices a sign that says the sweater is marked down from $44 and decides to buy the sweater. Is Jaelyn's decision an example of a commitment device, the endowment effect, a nudge, or anchoring bias? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Anchoring involves estimating unknown quant...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The Scottie Sweater Company produces sweaters under the "Scottie" label. The company buys raw wool and processes it into wool yarn from which the sweaters are woven. One spindle of wool yarn is...
-
The Scottie Sweater Company produces sweaters under the Scottie label. The company buys raw wool and processes it into wool yarn from which the sweaters are woven. One spindle of wool yam is required...
-
Suppose the price of a sweater is $15. Julias benefit from purchasing each additional sweater is given in the table below. Julia gets the most benefit from the first sweater and less benefit from...
-
Water flows in a partially full 2-m-diameter circular pipe an average velocity of 2 m/s. If the water depth in the pipe is 0.5 m, determine the flow area, the wetted perimeter, the hydraulic radius,...
-
On January 3, 2018, Speedy Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Speedy spent $3,000 painting it, $1,200 replacing tires, and $3,500...
-
Management of Consolidated Systems Company (CSC), a publicly held company, has asked three accounting firms, including yours, to bid on its annual audit. It has given permission to you and the...
-
Allied Industries uses the direct write-off method to account for bad debts. Record the following transactions that occurred during the year: Feb 3 Aug 8 Nov 10 Provided $600 of services to Bill...
-
In the fiscal year that ended September 30, 2008, there were 24,584 age-discrimination claims filed with the Equal Employment Opportunity Commission, an increase of 29% from the previous year (The...
-
Turner Hardware is adding a new product line that will require an investment of $1,470,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $310,000...
-
In the economy of Eastlandia, the money market is initially in equilibrium when the economy begins to slide into a recession. a. Using the accompanying diagram, explain what will happen to the...
-
Many online subscription services have automatic renewal policies, in which they will automatically bill you for another years subscription when your current one runs out. Why is this default rule a...
-
Suppose you need to estimate the cost of your textbooks for the upcoming semester. What would be a good "anchor" to use in your estimate?
-
What is it about each of these decisions that caused them to be listed as the most important business decisions? Propose a recent business decision that is a candidate for this list.
-
LaToya Creations employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $ 1 , 2 6 0 , 0 0 0 . Cost of goods manufactured was $ 1 ,...
-
The following information pertains to the inventory of Parvin Company: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 400 units @ $20 2,900 units @ $25 800 units @ $26 During the year,...
-
8. A horse is trapped in a well. Its owner attaches one end of a light, inextensible rope to the horse, and the other end to her tractor. The tractor has a mass of 2100 kg and the horse has a mass of...
-
instantaneous rate of change at 2 years. 11. Sketch f(x) = -x +9 and its reciprocal on the same grid.
-
If i = 1, which point shows the location of 5 - 2i on the plane? Imaginary 6 A 7 8965 432- B 1 9 -8 -7 -6 -5 4-3-2-10 -1 1 2345 1 C 1 2 3 4 5 6 7 8 9 -6 69 7 -8- 89 -9 D Real
-
Solve each problem. Give approximations to the nearest hundredth. A toy rocket (not internally powered) is launched straight up from the top of a building 50 ft tall at an initial velocity of 200 ft...
-
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane
-
Table 15P-1 shows the monthly demand schedule for a good in a duopoly market. The two producers in this market each faces $5,000 of fixed costs per month. There are no marginal costs. a. What is the...
-
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in Figure 15P-4. a. Plot the profit-maximizing price and...
-
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in Figure 15P-4. a. Plot the profit-maximizing price and...
-
Build a GUI conference registration program: StuPre | Conference Registration Event # of Participants Select Event 1 1 Event 2 2 Event 3 0 Event 4 1 Event 5 0 Enter your email: Register
-
1. Write a method that takes a string as input and prints true if the String length is greater than 6 characters. The method should print false otherwise. 2. Write a method that takes a String s and...
-
The analysis algorithm is known as follows: function Analysis(n:integer) ->integer {Initial State: n >= 0 Final State: Return calculation n(n+1)/2} Dictionary i: integer res: real Algorithm Res
Study smarter with the SolutionInn App