Behavioral economics and its emphasis on the irrationality of consumers/markets is most closely associated with which other major school of economics? Neoclassical economics Keynesianism The Chicago School Trickle down economics
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- What is economics constants?What is an economic assumption?A researcher gave sports-card traders a sports card in exchange for their participation in thestudy. There were two possible cards, A and B. Each participant randomly received one ofthe two cards, and was then asked whether she would like to exchange it for the other card.a) By neoclassical (traditional economics) logic, approximately what percentage ofparticipants should exchange? Why? (Hint, the reason does not depend on whetherthe two cards are of equal value.)b) Among inexperienced traders, 6.8% make the exchange. Explain this phenomenon using prospect theory.c) Among experienced traders, 46.7% make the exchange. Why might experiencedtraders behave differently from inexperienced ones?
- Einstein was quoted saying "Everything should be made as simple as possible, but not simpler." When it comes to economic models this means that O models shouldn't be too simple O All of the three other options are correct Omodels should have a level of abstraction appropriate to the topic investigated O models shouldn't be too complexSuperiority of Robbins' Definition of economics is rightly called the "Superiority of Robbins' II Definition". Write the note in 300 words on Superiority of Robbins' Definition pf economics?ake12020R odi Mozilla Fireok as.rtu.lv/pluginfile.php/2272998/mod_resource/content/0/Economics_Exam Retake_2020R.pdf 1 of 2 Automatic Zoom Task 4. Five consumers have the following marginal utility of apples and pears: Apples (MU) Pears (MU) Ian 12 6 Gregory Elina 6 6. Christina 3 Nataly The price of apples is 2 euros, but the price of pears is 1 euro. Which of these consumers, mentioned in the table above, if any, optimizes fruit choices to achieve consumer balance? Explain your answer. 12 Task 5. During current year Inflation rate is 6%. Calculate the consumer price index in the current year, if in the previous year, which was base year, CPI was 110%? Task 6. Calculate the amount of profit (or loss) for the company and determine if it will continue to produce. Justify the answer with calculations! The following data is given: P = 9, Q = 80 000 TC = 800 000, AVC= 5.5. F10
- Suppose that both groups of students are on the right track, and each of the events described above arepartially responsible for the decrease in the price of pizzas. Based on your analysis of the explanationsoffered by the two groups of students, how would you determine which of the possible causes was thedominant cause of the decrease in the price of pizza? 1. Whichever change occured first must have beenthe primary cause of the change in the price of pizzas 2. If the equilibrium quantity of pizzas increases,then the demand shift in the market for pizzas must have been larger than the supply shift. 3. if theequilibrium quantity of pizzas increase, then the supply shift in the market for pizzas must have beenlarger than the demand shift. 4. If the price decrease was large, then the supply shift in the martket forpizzas must have been larger than the demand shiftWhat is an equilibrium condition? How do we that we have an equilibrium condition?Which of the following supermarket strategies to increase sales would be most consistent with a behavioral economics (versus neoclassical economics) approach? Multiple Choice O O distributing online coupons providing discounts for buying in bulk positioning frequently purchased items at the back of the store offering price matching with other stores