Why do businesses and governments often use utilitarian thinking to determine the proper course of action?

Q: 3. A layperson says that a proposed government project simply costs too much and therefore shouldn’t…

A: Answer - "Thank you for submitting the question.But, we are authorized  to solve one question at a…

Q: 1. What does economist and EconTalk host Russ Roberts think is “single deepest contribution of…

A: An economist is a specialist who investigates how a society's resources affect its output or…

Q: How does cost-benefit analysis differ from cost-effectiveness analysis?

A: Definitions: Cost-benefit analysis:  A cost-benefit analysis assesses the profitability of…

Q: 1. What is meant by scarcity? Why is it important in a study of economics? What does scarcity imply…

A: Scarcity refers back to the essential concept that resources, such as time, money, natural assets,…

Q: What are 4 examples of how non-rational human behavior can change an economic outcome?

A: Introduction Non-rational human behavior is behavior that is not based on logical or rational…

Q: Whether a certain criterion is determinant or not is independent of the situation in which a product…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: In a culture where we are bombarded with other people trying to define us, how do we make decisions…

A: Culture defines an indiividual upbringing and also in the world of billions, people stand out in a…

Q: A University is organizing a sustainability conference and is using a portion of the fees to…

A: Given: A university is organizing a sustainability conference and is using a portion of the fees to…

Q: While Marcus and his friends were watching a movie last Saturday, Marcus received a phone call from…

A: The opportunity cost is the cost of choosing one option over another.

Q: Can you help me with 4 and 5

A: At socially optimal level, output is produced at a point where price equals marginal cost.

Q: Describe the procedure of considering economic decisions?

A: The following procedure should be kept in mind while taking economic decisions: Identify the…

Q: How do economic incentives interact with pro-social behavior?

A: The objective of this question is to understand the relationship between economic incentives and…

Q: An efficient economic outcome will a. be entirely equitable b. distribute resources widely c.…

A: The consumer surplus shows the difference between consumer's willingness to pay and the market…