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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.
Consider the following system of simulataneous equation system in “supply and demand form”: y1 = γ1 + α2 y2 + β1z1 + u1 y2 = γ2 + α1 y1 + β2z2 + u2 (i) Is the above system identified? Show this using the order-condition for identification.
a. Find the market demand function and the market supply function for this card. b. Mathematically obtain the equilibrium price and equilibrium quantity. c. Construct the Demand and Supply table and mark the equilibrium price and quantity.
In a small open economy, if exports equal $40 billion, imports equal $10 billion, and domestic national saving equals $35 billion. (a) Calculate the amount of investment in this economy. (b) How much is the net capital outflow? (c) What will happen t..
Two students, Ryan Wattenberg and Emma Bennett, are discussing the idea of convergence over coffee. Ryan considers convergence to be true in theory but impractical in the real world. Most developed countries do not have similar resources endowments. ..
Do you see our communities growing closer together or further apart. One page double spaced.
A large multinational restaurant chain has introduced gourmet burgers in addition to the fast-food style hamburgers it has always sold. We consider here the actions of a single franchise’s store and its pricing policy.
The demand for your college newspaper is 6,000 copies each week if the paper is given away free of charge, and drops to 5,000 each week if the charge is 10¢/copy. However, the university is prepared to supply only 900 copies per week free of charge, ..
The terms below are measures or individual components of the money supply. Specifically considering the money supply of the United States, rank thes items from largest to smallest in terms of dollar value.
Firms in industrial countries find a larger market for their goods in other industrial countries than in developing countries because:
How did increased competition and excess capacity impact firms in consumer goods industry in late 19th century. Why were horizontal mergers attractive to these firms.
The Fed has since ended its quantitative easing policy and has stuck with leaving interest rates at 0%. For the past 6 months the Fed has been toying with the idea of gradually increasing the rates. It has yet to do so even though many "Experts" have..
In a waiting line model situation, arrivals occur around clock at a rate of six per day and service occurs at one very three hours. Assume Poisson and exponential distributions. Illustrate what is Mean Arrival Rate λ
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