Economic behavior is more complex than assumed by conventional economic theory. Political economy explains the functioning of government. Behavioral economics ties psychology into human behavior.Economists assume that individuals make rational decisions. However real people are more complex.Based on what you have learned in your assigned reading, answer the following questions in your initial post:What are the human behaviors economists should observe when creating economic models? Example: people tend to find solutions that are good enough, but not the best solutions.In your responses, comment on at least two of your peers' posts and share example of how non-rational human behavior can change an economic outcome. Discussions List > View Topic8-2 Discussion: Frontiers of MicroeconomicsAvailable on Dec 3, 2022 11:59 PM. Submission restricted before availability starts.SubscribeEconomic behavior is more complex than assumed by conventional economictheory. Political economy explains the functioning of government. Behavioraleconomics ties psychology into human behavior.Economists assume that individuals make rational decisions. However real peopleare more complex.Based on what you have learned in your assigned reading, answer the followingquestions in your initial post:• What are the human behaviors economists should observe when creatingeconomic models? Example: people tend to find solutions that are goodenough, but not the best solutions.In your responses, comment on at least two of your peers' posts and shareexample of how non-rational human behavior can change an economic outcome.To complete this assignment, review the Module Eight Discussion Rubric.RubricsECO 201 Module Eight Discussion RubricSettings? Help

The term "microeconomic frontiers" refers to the factors that help economists understand human…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Economic behavior is more complex than assumed by conventional economic theory. Political economy explains the functioning of government. Behavioral economics ties psychology into human behavior. Economists assume that individuals make rational decisions. However real people are more complex. Based on what you have learned in your assigned reading, answer the following questions in your initial post: What are the human behaviors economists should observe when creating economic models? Example: people tend to find solutions that are good enough, but not the best solutions. In your responses, comment on at least two of your peers' posts and share example of how non-rational human behavior can change an economic outcome.

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