Based on the economic principles( such as scarcity ,value ,price ,opportunity-cost,rational vs irrational decision making and marginal analysis )explain why such irrational decision making could take place in this situation (proper explanation of each ponit with daigram needed) answer should be long

This project has the following two main parts: PART ONE: IRRATIONAL DECISION-MAKING Consider a good or service where consumers pay more than its actual valuation (e.g., products with markup prices at retail significantly higher than their costs: greeting cards, bottled water, stock price, movie theater popcorn/candy, etc.) or a situation where people make a choice at a loss (stock market bubble, shame, and pride, urgency purchase- last-minute shopping etc.). Based on the economic principles covered in the class (scarcity, value, price, opportunity cost, rational Vs. irrational decision making, and marginal analysis), explain why such irrational decision-making could take place in this situation