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Answer the following questions based on what you have learned about rational decision-making.
Give an example of an expensive product you would like to buy. How can you justify the purchase? How should you prepare financially once you have decided to make the purchase?
What aspects of your decision-making process fit the description of a rational choice? Did you consider costs and benefits? Did you pay attention to both monetary and non-monetary factors? Did you consider opportunity costs? Explain.
What information did you have to help make this a well-informed decision? Was there some information that is important to have before making the purchase?
Are there any parts of your decision-making process that were not rational? If so, describe one irrational element in your decision-making process. If not, describe an irrational economic decision that you might have made.
In the Austrian theory of the "pure" rate of interest in a free market, interest rates are a function of
Using Cournot model we have two firms with demand function of P=150-2Q and both have total cost of 30Q. What is the price each firm 1 and firm 2 will charge - can you work so I can understand?
A industry is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do.
What opportunities might current International Monetary Fund (IMF) lending policies to developing nations create for international businesses?
The main arguement put forth by advocates of the singlr tax movement was that:
What is the difference between a profit and a rent? If a firm is interested in maximizing profits, why would it stay in an industry if profits are zero?
Assume the following data for the economy in the United States: Inflation is at 4.5% and has been rising for the last 3 years from a low of 1.2%. What problem is the economy facing? What could happen in the economy that might make that policy choice..
To compare levels of production from different years, the appropriate measure to use is:
Using the supplemental readings from Week IV describe what you think would have been the reaction of Georg Simmel to the iPod and 'Smart Phone'. Also,using one of the three secondary source readings (1900; From these Beginnings; "Mark Twain"; or Edwa..
What are some of the problems with using the unemployment rate as an accurate measure of overall joblessness?
Assuming that prices are set competitively (i.e. set equal to MC of producing services), show in a supply-demand graph how we could measure the “efficiency loss” (or deadweight loss) associated with health care over-consumption.
Let P be the price of a stock. The broker has an initial margin requirement of m0, where 0
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