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    the principle of rationality

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    In 1995, a former Brigham Young University football
    star, Eli Herring, turned down a three-year, $500,000-peryear
    offer to play professional football with the Oakland
    Raiders. Herring instead chose to pursue a career as a high
    school math teacher, earning $22,000 per year. Herring did
    so because he is a devout Mormon who believes that the
    Sabbath should be observed. Accepting the Raiders' offer,
    which involved playing games on Sunday, would have violated
    his belief that the Bible prohibits working on a day that
    should be devoted to going to church and spending time
    with family. From an economic perspective, did Herring
    make a rational choice by not signing with the Raiders? Explain.

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    In economics we would say that rational agents maximize their utility. But, utility isn't all about ...

    Solution Summary

    This solution helps go through the principle of rationality within the context of microeconomics.