Problem
Behavioral Economics A management consultant advised a small business owner to fully analyze all transaction costs, delineate the boundaries of the business, and develop an equation to calculate exactly economies of scope. The owner replied that there were not enough hours in the day to gather all this information and so the owner would just keep running the business in the same way as usual. What assumption from traditional economics is in dispute here?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.