Decision making of an individual in different situations.

Question

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Answer 1

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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Students have asked these similar questions

After the holiday season, many of us find ourselves thinking, “What will I do with another case for my iPad?” Often, both the gift giver and gift receiver could be made better off (that is, receive a higher level of utility or happiness) if cash had been given instead. To understand the economic rationale behind this, economists turn to the basic consumer theory model of budget constraints and indifference curves. Recall that an indifference curve maps out all possible consumption bundles of goods that yield the same level of utility to a given consumer. Indifference curves tell us nothing about what we can afford, but rather tell us how happy a particular bundle will make us. On the other hand, a budget constraint shows the consumption bundles that we can buy given our income and the prices of goods. Similarly, a budget constraint says nothing about what we would like to buy, but rather what we can afford. Suppose you consume only two types of goods: magazines and food. You have $300…

Cho is a truck driver living in Miami who performs freelance health consulting to supplement her normal income. At an hourly wage rate of $45, she is willing to consult 5 hours per week. Upping the wage to $65 per hour, she is willing to consult 14 hours per week. Using the midpoint method, the elasticity of Cho’s labor supply between the wages of $45 and $65 per hour is approximately , which means that Cho’s supply of labor over this wage range is .

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Answer 2

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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Answer 3

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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Answer 4

Question

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

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Answer 5

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

Answer 6

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

Answer 7

Chapter 1, Problem 1CQ

To determine

Decision making of an individual in different situations.

Answer 8

Expert Solution & Answer

Explanation of Solution

Option (a):

When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water become colder. Hence, the individual will not prefer to swim at this temperature.

Option (b):

When the meeting time of the introductory economics course is arranged from 11.00 AM to 7.30 AM, an individual would not have an incentive to attend the lectures since the opportunity cost of spending time for the basics is greater. Thus, people would not prefer to attend the basic class in the morning time.

Option (c):

When the number of questions are reduced, which is directly related to the text, it is a disincentive for the student to read the text more since he would get less marks by reading the text.

Option (d):

People usually have an economizing behavior since people prefer more benefit with low cost. When the price of beef increases, an individual will prefer to buy less of that commodity. Instead, he will purchase other substitutes that would be less costly than beef.

Option (e):

An individual usually has a strong tendency to build more units of rental houses, when the rate of rental house increases. Since this will help an individual to earn higher income. Hence, decision making of an individual is generally based on the benefit that he gets.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Incentive: Incentive refers to the extra income given to the people who had worked for additional hours. In other words, incentive is the extra monetary and non-monetary benefits given to the person who had taken an additional productive effort.

Answer 12

Ch. 1 - Prob. 1CQ Ch. 1 - Prob. 2CQ Ch. 1 - Prob. 3CQ Ch. 1 - Prob. 4CQ Ch. 1 - Prob. 5CQ Ch. 1 - Prob. 6CQ Ch. 1 - Prob. 7CQ Ch. 1 - Prob. 8CQ Ch. 1 - Prob. 9CQ Ch. 1 - Prob. 10CQ

Decision making of an individual in different situations.

Decision making of an individual in different situations.

Explanation of Solution

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Chapter 1 Solutions