TAILIEUCHUNG - Microeconomics for MBAs 10

Microeconomics for MBAs 10. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 3 Principles of Rational Behavior at Work in Society and Business 8 proverbial one basket by initiating several new ventures thereby spreading the risk of doing business. In the same way investors spread their risk by investing in a wide variety of companies and firms spread their risk by producing a number of products. To give another example criminal behavior may appear irrational if only the raw costs and benefits are considered. A burglar who nets 1 500 from the sale of stolen property may have to spend a year in jail if caught prosecuted and convicted. He could lose the annual income from his legitimate job perhaps 10 000. That is a high cost to pay for a 1 500 profit on stolen property but he pays that cost only if he is caught prosecuted convicted and sentenced. The police cannot be everywhere at all times prosecutors may be reluctant to prosecute and suspended sentences are commonplace. All in all even an inept burglar may have no more than a 10 percent chance of spending a year in To estimate the actual cost faced by the burglar who is caught sentenced and sent to jail for a year we might multiply the cost if caught 10 000 by . That calculation indicates that to a burglar who is sent to jail for an average of one out of ten burglaries the cost of any one burglary is only 1 000 10 000 x . Thus the actual cost of the burglary is less than the benefits received 1 500. Although it may be morally reprehensible the criminal act can conceivably be a rational one. Surveys of criminal activities and their rewards tend to support such a conclusion. A study of burglary and grand larceny cases in Norfolk Virginia showed that for the unusual criminal who committed just one crime and was caught in the act crime did not pay. The typical criminal however convicted the average number of times and sentenced to the average number of years in prison more than tripled the lifetime income he could have earned from a regular salaried job even allowing for

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