Mrs Cook is an English teacher. If a student forgot their memorised speech in the middle of it, Mrs Cook would permit them to look at a copy of their script, then continue. Jenny is lazy and does not want to memorise her speech. Instead of memorising the whole thing, she only memorises her introduction, knowing that Mrs Cook would just let her see her script if she forgot everything after that. Answer the following questions: a. How would Mrs Cook's rule of allowing students to look at their script if they forgot their speech affect the likelihood of students memorising their speeches? D Type in D for decrease, R for remains the same, C for increase, or U for unable to tell. Type in M for Moral hazard, P for Principal agent b. The above answer demonstrates the occurrence of which economic concept? M issue, C for Competitive market, L for Lemons Model, A for Adverse selection. c. If Mrs Cook decides to penalise students that have to look at their script with a 5% deduction in marks, what economic problem would she be attempting to reduce? Type in M for Moral hazard, P for Principal agent issue, L for Lemons Model, A for Adverse selection.

Mrs Cook is an English teacher. If a student forgot their memorised speech in the middle of it, Mrs Cook would permit them to look at a copy of their script, then continue. Jenny is lazy and does not want to memorise her speech. Instead of memorising the whole thing, she only memorises her introduction, knowing that Mrs Cook would just let her see her script if she forgot everything after that. Answer the following questions: a. How would Mrs Cook's rule of allowing students to look at their script if they forgot their speech affect the likelihood of students memorising their speeches? D Type in D for decrease, R for remains the same, C for increase, or U for unable to tell. Type in M for Moral hazard, P for Principal agent b. The above answer demonstrates the occurrence of which economic concept? M issue, C for Competitive market, L for Lemons Model, A for Adverse selection. c. If Mrs Cook decides to penalise students that have to look at their script with a 5% deduction in marks, what economic problem would she be attempting to reduce? Type in M for Moral hazard, P for Principal agent issue, L for Lemons Model, A for Adverse selection.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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