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Behavioural economics
1) Suppose that Joe enjoys and repeatedly does stupid things like getting heavily into debt and insulting police officers. Do these actions constitute systematic errors? If he gets what he wants each time, are his stupid actions even considered to be errors by economists? Explain.
2) Why do behavioral economists consider it helpful to base a theory of economic behavior on the actual mental processes that people use to make decisions? Why do neoclassical economists not care about whether a theory incorporates those actual mental processes?
3) What does behavioral economics have to say about each of the following statements?
a) "Nobody is truly charitable--they just give money to show off."
b) "America has a ruthless capitalist system. Considerations of fairness are totally ignored."
c) "Selfish people always get ahead. It's like nobody even notices!"
Which of the following shifts the short-run aggregate supply to the right?
After rallying for the most of February to reach record highs late in the month, the S&P 500 stock indez fell sharply on Friday March 6 following news that the economy added 295,000 jobs, bringing the unemployment rate down to 5.5%. An analyst has be..
A manufacturing company leases a machine for $31,000 per year. Each unit produced costs $36 in labor and $65 in materials. To break even, 21,000 units must be sold. What is the price of the product?
What is the impact on the market for abdominal surgery usin this new technology?
profits associated with polluting for friedman inc. are pi 40q - 2q2 where q pollution emitted in tons and profits
explain why an increase in the wage rate for autoworkers will generate more of a negative employment response in the long run than in the short run
Use the information in the table to calculate total revenue, marginal revenue, and marginal cost. Indicate the profit-maximizing level of output. If the price was $3 and fixed costs were $5, what would variable costs be? At what level of output wo..
she estimates that she can produce and sell an extra 1,400 hamburgers per day by keeping the restaurant open for three more hours per day at a cost of $50 per hour. Which of these two alternative ways of increasing output should sh..
Suppose that only data on in action were published but not on claims for unemployment. What would be a reaction of the USD/EUR in that case.
Assume the world has only the U.S. and Germany, and that trade between them is balanced such that neither runs a trade deficit nor surplus. If exchange rates now change such that the U.S. dollar becomes more expensive for Germans to buy (and all else..
What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008? What was national income (NI) for 2008? What does national income tell..
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is indentical, with Total Cost TC= 1+0.5Q+2Q? Which gives Marginal Cost MC= 0.5+4Q. Currently t..
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