People interested in the study of bounded rationality study of how people ____ make decisions rather than how people ____ make decisions. 1. Should; actually 2. Don't; do 3. Actually; should 4. Do; don't
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People interested in the study of bounded rationality study of how people ____ make decisions rather than how people ____ make decisions.
1. Should; actually
2. Don't; do
3. Actually; should
4. Do; don't
Step by step
Solved in 3 steps
- 1. The rules regarding economic decision maker behavior are: Group of answer choices A: Consumers behave rationally and maximize utility, but producers do not behave rationally B: Producers behave rationally and maximize profits, but consumers do not behave rationally C: consumers are ratiional and maximize utility, and producers are rational and maximize profits D: Consumers maximize total consumption, and producers maximize productionLast Word) Behavioral economics incorporates culture and the studies of Multiple Choice sociology and economics. psychology and economics. mathematics and economics. finance and economics. None of these choices are correct.Hacmillan Leaming Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPF's for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h. Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway? Christine will write music for Paul will write music for Christine will write lyrics for Paul will write lyrics for h songs. songs. songs. songs. Music written (in # of songs) 1 0 Paul's PPF 1 Christine's PPF 2 Lyrics written (in # of songs))
- 5. Briefly explain the steps of decision makinghelp me with 2.6. Please provide explanations and steps3. Sunk costs and decision making Charles has plans to go to a play and already has a $50 nonrefundable, nonexchangeable, and nontransferable ticket. Now Dina, whom Charles has wanted to date for a long time, asks him to a party. Charles would prefer to go to the party with Dina and forgo the play, but he doesn't want to waste the $50 he spent on the play ticket. From the perspective of an economist, if Charles decides to go to the party with Dina, what has he just done? O Correctly ignored a sunk cost O Made a choice that was not optimal O Incorrectly allowed a sunk cost to influence his decision
- (3) Willig is willing to pay as much as $130 to buy the last ticket to a music concert at Canada's Wonderland, while Norman is willing to pay as much as $200 for a ticket. Willig is first in line and buys a ticket for $110. He then resells his ticket to Norman for $170. Assume that both took rational decisions given their options. Willig by reselling his ticket rather than going to the concert himself, caused the total surplus, (a) to increase by $70 (b) to remain unchanged. (c) to increase by $90- to decrease by $20 (d) to increase by $30 none of the options are correct4) The fact that wants cannot be fully satisfied with available resources reflects the definition of A) the what tradeoff. B) scarcity. C) the big tradeoff. D) for whom to produce. 5) Suppose the Gallo sisters, Ernestine and Julia, were not on speaking terms with one another. They each raised grapes and peanuts. Ernestine could increase her output of grapes by one bushel if she reduced her output of peanuts by two bushels and Julia could increase her output of grapes by one bushel if she reduced her output of peanuts by four bushels. According to this information, Ernestine has: A) a comparative advantage in the production of grapes. B) a comparative advantage in the production of both goods. C) a comparative advantage in the production of peanuts. D) an absolute advantage in the production of peanuts 6) Factors of production are grouped into four categories: A) land, labor, capital, entrepreneurship B) land, labor, capital, money C) land, capital, money, entrepreneurship D) labor,…2. Which words best complete the following sentence ? A rational decision maker always chooses the option for which marginal benefit is _______ marginal cost?
- 9. Sunk costs and decision making Kate has plans to go to a movie and already has a $10 nonrefundable, nonexchangeable, and nontransferable ticket. Now Carl, whom Kate has wanted to date for a long time, asks her to a concert. Kate would prefer to go to the concert with Carl and forgo the movie, but she doesn't want to waste the $10 she spent on the movie ticket. From the perspective of an economist, if Kate decides to go to the concert with Carl, what has she just done? O Correctly ignored a sunk cost O Made a choice that was not optimal O Incorrectly allowed a sunk cost to influence her decisionGive typing answer with explanation and conclusion Consider a good or service where consumers pay more than its actual valuation (for eg, products with markup prices at retail significantly higher than their cost: greetings cards, bottled water, stock price, movie theatre popcorn/candy). Based on the irrational decision-making and marginal analysis, explain why such irrational decision-making could take place in this situation.All options solve please..