Story
Opportunity to profit
Monkey menace is a big nuisance in your village. An entrepreneur and his assistant set up a shop. The owner announces $5 for every monkey brought to him.
The villagers catch few monkeys. Every monkey deposited, gets them $5. Over next few weeks, the monkey population dwindles. The owner decides to raise the price to $10 per monkey to reward the increased effort.
Over next 2 months, very few monkeys are left. Now it takes couple of days to catch even a single monkey. The cage is almost full. The owner announces his visit to the city to get a bigger cage and raises the price to $35 for every monkey once the bigger cage arrives.
In absence of the owner, few villagers strike a deal with the assistant to buy some monkeys at $15 and sell back monkey at $35 once the bigger cage arrives. The news spreads, people rush to the assistant to strike a deal before the owner returns tomorrow.
How many monkeys will you buy and at what price?
Share on
Similar Stories
Previous Ten
What do elderly people need?
Elderly residents of a nursing home were given a...
Property is for Sale
You have been transferred to a new city and you...
How will you sell a pre-owned car?
Your girl friend needs to sell her car. She...
Which tyre was it?
At a university the two students received A’s in...
Who does it better?
How will you peel a banana ?
You must be...
Money in Jar
A group needs to estimate the value of coins in a...
Medical Treatment
Imagine you have an illness. There is a medical...
Ransom call for release
You are a business man. Your son, who is also...
Money Game
In this game, the player open briefcases. Each...
Save a Life
You have decided to donate $100 this week....
The mistakes we make in our everyday life
We human beings engage in thinking and decision making in our daily life. It is our ability to solve problems and choose the best course of action, which leads to better outcomes. But we also make systematic errors when we think and at times we don’t even realize. We fail to think clearly because of our emotions such as anger or fear and this leads to wrong decision making as well as avoidable harm.
These systematic errors are known as biases. We can learn, understand to notice these biases within us and around us. Once we know, then we can also take action to avoid these biases, prejudices and beliefs and act to avoid the harm. Biases are systematic and predictable errors we make.
Sign In to share your comments
Your Comments