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The Economist magazine offered the following two options for subscribing:
1. $56 per year for an online-only subscription2. $125 per year for print plus online access subscription
A large majority of subscribers chose option 1. But the magazine would have preferred to sell more $125 subscriptions because it can charge higher rates to advertisers in the print magazine than it can online. The magazine decided to rely on insights from behavioral economics to try to increase the number of people choosing the $125 subscriptions. It began offering the following three options:
1. $56 per year for an online-only subscription
2. $125 print plus online access subscription
3. $125 print-only subscription A large majority of subscribers now chose option 2 rather than option 1. What insights from behavioral economics that were discussed in this chapter can help explain this result?
Sergei is a computer programmer with a utility function equal to U=Y+120L-L . He contracts with Uber that allows him to set his own work hours; they pay him $50/hour. He has allocated himself a work-hour time budget of a maximum of 250 hours per mont..
Provide a brief overview / synopsis of the issue and discuss the model or economic theory that relates to the issue presented in the news article.
Assume that the price of the consumption good (denote it by P) is exogenously given and equal to 2. Use W to denote the hourly nominal wage in the economy
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Judy has decided to allocate exactly $500 to college textbooks every year, even though she knows that the prices are likely to increase by 5 to 10 percent per year and that she will be getting a substantial monetary gift from her grandparents next ye..
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which of the following public policies restricts competition?a. licensingb. patentsc. import quotasd. all of the
Lesley is a single mother with 2 children. She can earn $10 per hour and can work up to 1,800 hours per year. However, if she does not earn any income at all, she will receive government benefits totalling $18,000 per year. For every $1 of income she..
Consider a firm that is a monopolist in the domestic market facing a demand curve given by p = 100 - q, but can also sell in the world market where there is perfect competition and the market price is 60. The firm is a price taker in the world mar..
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