So, why do firms practice second degree price discrimination? Why not charge a set price for each ticket?

Q: Identify some essential elements common to any rational decision-making process?

A: Rational decision making is a complex process that contains nine essential elements. These are as…

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: you find your opinion leaning towards traditional or behavioral economic beliefs?

A: Answer in step 2

Q: Bill is a professional photographer. His camera is broken, and he needs a new one within the next…

A: Willingness to pay (WTP) shows the maximum price that the buyer or consumer is ready to pay to get…

Q: Are options b through h correct or incorrect?

A: The question is asking about the possible reasons for which imports can be limited. Different…

Q: What are the likely consequences of not intervening?

A: The government can intervene in an economy through various ways and this can affect differently to…

Q: What is Reasonable Doubt?

A: Uncertainty/Doubt of ordinary convictions or a structure of thought can likewise open up new bits of…

Q: Which of these is a guideline for making a decision? Guaranteed gain Marginal cost is less than…

A: Optimal decision making requires optimum utilization of resources in order to attain certain level…

Q: What roles do planning systems play?

A: The planning system is responsible for the administration, control, and regulation of development in…

Q: Are luxury and sustainability compatible?

A: The findings reveal that luxury customers have mixed attitudes about sustainability, believing that…

Q: Use economics to explain why people smoke even though they know smoking is not good to their health?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: What things do you consider when choosing whether to use communication or observation in your…

A: Communication - communication is the process of transferring information, ideas, and data from one…

Q: So is my solution wrong?

A: There are silly mistakes in your solution but overall algorithm is right. However, there is a slight…

Q: The XYZ company is currently evaluating its investment. If Mr. Dela Cruz, the chief operating…

A: As the wants and desires of individuals in the economy are unlimited but the resources available to…

Q: Network externalities are important for a. gas stations. b. AARP, an organization that advocates for…

A: Network externality refers to the positive or negative impact that society experiences from the…

Q: On what are the Economic decisions based?

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: How does consumerism provide opportunities for and limitations on impacting quality of life?

A: Consumerism is a policy in economics in which the market is determined by people's choices and…

Q: How to perform a cost benefit analysis?

A: There are some costs and benefits associated with each economic activity. Thus, a cost-benefit…

Q: How do you evaluate your opportunity cost in terms of the alternative decisions that you have to…

A: Oportunity cost is the following best elective which we have renounced because of purpose of present…

Q: What type of economy is best?

A: There are mainly four types of economic systems: Traditional economic system, command economic…

Q: What are the decisions that people have usually made that incurred opportunity costs?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: Evaluate the maxim no risk no gain’in Islamic

A: ***The answer to the given question is based on Islamic Economics and the principles it…

Q: The international terror campaign being waged by Al Qaeda has an underlying economic motive. T or F?

A: Terrorism is defined as the use of violence and fear to achieve an ideological goal in its broadest…

Q: How the study of history of economics help people in their daily life

A: Economics is related to many aspects of the world. Various countries in the world are carrying out…

Q: What is the solution to question 6? I really need help with that one.

A: The amount of gas the buyers would be willing to purchase would drop if it turned out that 50% of…

Q: How would society/world be impacted by lethal autonomous weapon systems?

A: Lethal autonomous weapons are a form of autonomous defence force that can find and engage targets on…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: How can project effectiveness apply to consumers?

A: Project effectiveness is simply when the project is being done on time and with least cost. It is…

Q: What can affect the prioritization of economic goals.

A: The objective of economic effectiveness has been characterized as the most elevated conceivable…

Q: Describe two decision-making traps identified in Chapter 11 of your text that affected important…

A: Decision-making is a fundamental cognitive process that individuals encounter daily, influencing…

Q: To what extent do ethical norms reflect a company’s dedication to the Triple Bottom Line?

A: In finance, when we discuss an organization's bottom line, we normally mean its benefits.…

Q: What do you think of the ethics of using unconscious nudges to alter people’s behavior?

A:

Q: How does self interest affect societal interest?

A:

Q: A pharmaceutical corporation has developed a unique new drug, making the company a monopoly. Demand…

A: For a monopoly, profit maximization occurs at the point where MR equals MC

Q: Does a nudge force people to make a better choice?

A: Th nudge theory is based on the behavioral science application in economics based on which the…

Q: Can government policy affect consumer behavior?

A: The economies around the globe tend to operate with the major focus on the growth and development.…

Q: How would you determine the value of your product, if the market is efficient?

A: In economics, a market is said to be an efficient market if the total surplus generated from…

Q: What makes comsumers to take choices

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…