Decision making of an individual in different situations.

Question

Want to see more full solutions like this?

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

General Accounting Question solution and give me Blank ? C

It is possible to use transformational leadership strategies to reach unethical objectives. Traditional leadership theories and morals standards are not adequate to help employees solve complex organizational issues. For the statement above, argue in position for both in favor or opposed to the statements.

Discuss the preferred deterrent method employed by the Zambian government to combat tax evasion, monetary fines. As noted in the reading the potential penalty for corporate tax evasion is a fine of 52.5% of the amount evaded plus interest assessed at 5% annually along with a possibility of jail time. In general, monetary fines as a deterrent are preferred to blacklisting of company directors, revoking business operation licenses, or calling for prison sentences. Do you agree with this preference? Should companies that are guilty of tax evasion face something more severe than a monetary fine? Something less severe? Should the fine and interest amount be set at a different rate? If so at why? Provide support and rationale for your responses.

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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

Want to see more full solutions like this?

Chapter 1 Solutions