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Behavioral 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!"
Describe how a developing/emerging economy can benefit from trade with a wealthy country even if it has no absolute advantages. How can they benefit from trade with a poor country?
q1. apparent motion is dependent on factors other than isi. describe the various factors that would affect ones ability
q. 1. when discussing the maximization of utility regardless of whether you chose to work more hours or fewer when
What is the optimal bundle Carmela can achieve while spending $60? C) For Carmela, is clothing a normal or inferior good?
If Mutual Fund A held equal amounts of 100 stocks, each of which had a beta of 1.0, and Mutual Fund B held equal amounts of 10 stocks with betas of 1.0, then the two mutual funds would both have betas of 1.0.
Elucidate why relatively flat as opposite relatively steep worker demand curves are more consistent with the empirical observation.
q.assume you are a painter as well as the cost of a gallon of paint increases from 3.00 a gallon to 3.50 a gallon. your
In the small town of Springfield, Duffman observes that the price of beer has fallen. Duffman concludes that the total amount of money spent buying beer has to fall since the price of beer is lower.
Illustrate the purpose of this optional homework is to learn how specialization and trade benefit all trading parties.
The cost of the grapes may be as much as 60% of total production costs but varies greatly from lower-quality inexpensive wines to the highest quality wines.
Illustrate what type of market structure is auto industry. Has consumer surplus been affected in any way due to changes in auto industry structure and if so, how.
q.illustrate the effect on the marketplace for a hr. of babysitting services 30 yrs into the future when children born
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