Please answer each question. Explain why you chose the answer that you did by drawing on the concept of heuristics and biases in decision making.Please reference the relevant concepts and theories in your response.The assignment must be 1 Â½ pages, double-spaced, 12 point font, 1 inch margins. Please remember to number each response.
1. Fortune magazine ranked the following 10 corporations as being among the 500 largest United Statesâ€“based firms according to sales volume for 2013:
a. Group A: McDonaldâ€™s, Visa, Amazon, Target, Coca-Cola
b. Group B: Berkshire Hathaway, General Electric, Valero, McKesson, Hewlett-Packard
Which group would you say had the larger total sales volume, A or B? By what percentage (10 percent, 50 percent, 100 percent)?
2. The best student in your introductory MBA class this past semester writes poetry and is rather shy and small in stature. What was the studentâ€™s undergraduate major: Chinese studies or psychology?
3. Which of the following causes more deaths in the United States each year?
a. Stomach cancer
b. Motor vehicle accidents
4. Which would you choose?
a. A sure gain of $240.
b. A 25 percent chance of winning $1,000 and a 75 percent chance of winning nothing.