Explain why such irrational decision making could take place in this situation

falloffal and ifrational choices. This work accounts for 15% of your total grading of the course. 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