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Intermediate Microeconomics and Its Application 11th Edition by Walter Nicholson,Christopher Snyder
Edition 11ISBN: 978-0324599107Intermediate Microeconomics and Its Application 11th Edition by Walter Nicholson,Christopher Snyder
Edition 11ISBN: 978-0324599107 Exercise 1
Does it make sense to assume that animals consciously choose an optimal strategy for dealing with the scarcity of resources (see the discussion of Friedman's pool player later in this chapter)?
Explanation
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There are a number of evidences that prove that animals choose an optimal strategy to deal with the scarcity of resources. For example, hunting birds spend their energy in flying to the areas that take less time to reach and have prevalence of food rather than flying to far-off places. There is a trade-off in choice.
If the optimal behavior of animals can be predicted through real-world events, it is sensible to assume that they consciously choose strategies pertaining to scarce resources. In the above example, the scarce resource is energy.
If the optimal behavior of animals can be predicted through real-world events, it is sensible to assume that they consciously choose strategies pertaining to scarce resources. In the above example, the scarce resource is energy.
Intermediate Microeconomics and Its Application 11th Edition by Walter Nicholson,Christopher Snyder
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