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The assumed rationality of consumer decision making, upon which the models largely rely, has been brought into question. In the 1980's researchers began to question the rationality of many consumer actions (Erasmus,Boshoff et al. 2001). It was found that consumers frequently engaged in non-conscious behaviours that might not be well modelled through a rational information processing approach (Bozinoff 1982, Erasmus,Boshoff et al. 2001). Other writers have found consumer behaviour in certain circumstances that appears haphazard, disorderly or opportunistic (Erasmus,Boshoff et al. 2001).
What depicts the general unreliability of these observations?
Do you think diminishing marginal utility is a necessary condition to get diminishing MRS? Use your answers for (a), (d), and (e) to justify your answer.
Suppose that an industry has six firms with market shares. % MARKET SHARES Firm ADerive the HHI. Suppose firms C and D propose a merger. Derive post-merger HHI. Might this merger be challenged under the horizontal merger guidelines?
Suppose that your business or organization has obtained a reliable growth forecast of the U.S. and local economies for calendar year 2013. Nature of my Business: I run an Automotive Paint Store that sells paint to the Independent Body Shops.
The current required reserve ratio = 10%. Assume there exists a total of 4 banks. They have the following balance sheet items at the end of a business day, where all remaining assets are kept as reserves at the Fed
In the Keynesian model equilibrium national income: Question 1 options: occurs at the point where the consumption function crosses the 45-degree line. equals planned consumption
Some politicians in countries that are the recipients of large numbers of immigrants advocate adopting laws requiring immigrants to learn the local language within a specified period of time.
An economy is in long-run macroeconomic equilibrium when each of the following aggregate demand shocks occurs. What kind of gap-inflationary or recessionary-will the economy face after the shock,
Utilizing the info above, which country has a comparative advantage in producing cars and which has a comparative advantage in producing trucks.
Connor knows that the two 'P' represent the key to sustained economic development for low income countries. The two 'P' are labour productivity growth and poverty decrease.
Explain what it meant by liquidity trap.Use the interest parity condition to show how the exchange rate is determined in such a situation. What can monetary policy so in such a situation
At present political campaigns, taxes and budget policy were key issues. White House budget packages are often created to stimulate economic growth.
Samwel draws a break-even chart. To represent sales, he draws a straight line through the origin and the point (10,000 units, £66,000).
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