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Step 1:

Read the excerpt from Hardford's book and answer the


questions.

Harford, Tim. The Logic of Life, pp8-13.

Please note answers to the following:


1. Why is the concept of rationality useful for economists?
2. In what way(s) can you concur that rationality is a valid
assumption?
3. What problem(s) can you identify with this assumption about
humans?