The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne

Exercise 8

Suppose that you are leaving tomorrow for a two-week combined business and vacation trip to a distant location. You'll be traveling by plane.
(a) In what way are you speculating as you pack your suitcase?
(b) On which side would you be more inclined to err-taking too many clothes and having to haul heavy suitcases around, or taking too few and finding yourself without an item you want?
(c) Would your answer to the previous question differ according to whether you were planning to be in a large city or a remote resort?
(d) Suppose you take only a single pair of dress shoes and accidentally spill ink on one of them just before an important business meeting. You dash out quickly and buy a new pair of shoes. Explain how the shoe seller's willingness to take a risk reduced your risk in taking only a single pair of dress shoes.