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9) A new area of economics studies situations in which people appear to be making choices that do not appear to be economically rational. This area is called behavioral economics social economics new wave economics. irrational economics

24. Which type of cognitive model is often used in Gabrieli's research? a) Computational - b) Behavioral - c) Neuroanatomical - d) Evolutionary

Need expert assistanance please SECTION A: Microeconomics Question 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium(i.e., supply equals demand in each case). Assume further that a good harvest impactsthe world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is notan ingredient in whiskey. Rum and whiskey are substitutes in consumption.(i) Discuss the impact of the good harvest on each of the three markets.(ii) Discuss the effect on the markets for each of the three products if thegovernment implements a price restriction in the sugar cane market with the aimof protecting the farmers. How will this impact the revenues for sugar growers,rum producers and whiskey producers?

Question 1 According to a researcher at the FDA, vegan foods are “the way if the future”. More persons have become health conscious and are looking for foods which will fit this lifestyle. One such food is the Beyond Burger, a plant-based alternative to beef. Notably, despite strong demand for beef burgers, the supply chain has seen a host of disruptions that are preventing producers from getting their products to market. Beyond Burger’s sales in Canada totaled $3.0 billion at the end of 2021, accounting for 20% of all retail sales of burger patties (meat used in burgers), and 40% of the larger market for vegan foods. By the end of 2025, sales of Beyond Burgers are projected to make up 40% of all burger sales. i. Illustrate and explain the effect of the increased use of Beyond Burgers on (i) the burger patties market and (ii) the vegan market.  ii. How the supply chain issues affected the beef burger market and describe how this would be corrected without the introduction of the vegan…

A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. With this assignment, you get a chance to demonstrate your ability to apply what you have learned to the coffee market. Be sure to answer all parts of each of the scenarios below. Students may utilize Paint, Word (the shapes tool), or hand draw the graphs. Scenario 1: Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: Suppose the National Institute of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Which determinant of…

Question 4(a) The freezing cold spell at the beginning of 2010 increased demand for gas in the UK. Usage reached 454 cubic metres; the previous record was 449 metres set in January 2003. The National Grid which is responsible for energy in the UK issued several warnings in a matter of days that demand could outstrip supply and asked suppliers to increase the supply.(i) Illustrate the effect of the cold spell on the demand for gas using a demand curve diagram.(ii) Analyze two other factors that you think influence demand for gas.(iii) Do you think demand for gas is price elastic or price inelastic? Explain your reasoning.(b) Using a normal demand curve, explain how consumer surplus occurs. (c) Explain and illustrate with diagrams how and why a marginal cost curve maps out a supply curve.

Topic One: Substitutes and Complements 1. How do retail stores display their merchandise taking into account substitute or complementary goods? Give some examples. 2. Have your purchases been influenced by these marketing techniques? Give some examples. Topic Two: Measuring Opportunity Cost How would you suggest to measure the opportunity cost of a parent that chooses to play with their child vice play sudoku? How would you measure the opportunity cost of the kid? Topic Three: Marginal Analysis, Opportunity Cost We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal benefit versus marginal cost. Could you think in situations that you could use opportunity cost, marginal benefit and marginal cost concepts to make your own decisions? Provide examples.

Communities are frequently concerned about whether or not police are vigilant in carrying out their responsibilities. Several communities have experimented with incentive compensation for police. In particular, some cities have paid members of the police force based on the number of arrests that they make.Requirements:1. Discuss the likely positive and negative effects of this compensation policy.2. Suggest improvements to the compensation policy.(answer for this Part should be maximum half to one page long, single-spaced)

Name: Discussion day/time: Discussion Problems Week 5 Efficiency of Markets Econ 20A Introduction to Microeconomics Prof. Branch Your economic consulting firm has been hired by the Mayor of Las Vegas to provide economic analysis of the consequences of sales taxes on hotel rooms. Background: guided discussion You begin your presentation to the Mayor with some background on the efficiency of the market for hotel rooms in Las Vegas. You estimate that the supply and demand for hotel rooms are described by the following equations: Supply : Q* Demand : Qd 4P – 80 100 – 2P (a.) Graph the supply curve and the demand curve. What is the equilibrium price and quantity? (b.) Calculate (and label in the graph) consumer surplus, producer surplus, and total surplus at the equi- librium. (c.) If the Mayor decided to ban all hotel rooms in Las Vegas, who wold bear the larger burden – the buyers or sellers of broccoli? 1

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18. Why could experiments be used to solve the endogeneity problem?       [answer in no more than 50 words]

a) i)Explain difference between; ii,Microeconomics and macroeconomics  iiiPositive and Normative economics     b) Given the following demand and supply functions as;   i)Find the price elasticity of demand and price elasticity of supply at the equilibrium point.  ii)Based on the values obtained from Price elasticity of supply in (i) above, what advice would you give to the producer if he is to increase revenue?  iv)Using illustrations, distinguish between Minimum and maximum price   v)Assuming the government, set the price at 45shs, determine whether its minimum or maximum price, and state the surplus or deficit

1. The rules regarding economic decision maker behavior are: Group of answer choices A: Consumers behave rationally and maximize utility, but producers do not behave rationally B: Producers behave rationally and maximize profits, but consumers do not behave rationally C: consumers are ratiional and maximize utility, and producers are rational and maximize profits D: Consumers maximize total consumption, and producers maximize production

16. A universal assumption in economic theories is that  a) people are motivated by self-interest b) what is true for one person must be true for everyone c) whatever goes up must come down d) as price increase, quantity demanded decreases

14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price taker

Question 5 The economics of obesity. Some economists have been analyzing the question of why people have been gaining weight in the last few decades. According to these economists, like anything else, eating involves two types of costs. First, the explicit cost is the price we pay at the grocery store to buy the stuff. Second, the implicit cost is all the time and effort we expend to prepare the food.  Before 1960s, food was mostly prepared by household members at home. It could take a few hours to put the dinner on the table. After 1960s several things happened that reduced both the explicit and implicit cost of food. Advances in technology in agriculture and elsewhere reduced the explicit cost (the market price) of food. Second, automobile became the dominant mode of transportation making it fast and easy to go out for fast food. This reduced the implicit cost of food. Moreover, the participation of women in labor force doubled (from around 30% of women to around 60%).  This meant…

Question 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption.(ii) Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers and whiskey producers?

QUESTION 39 39. Economic rationality or optimization means that people should compare the consequences of alternative actions or choices and select the one that maximizes net benefits (net of costs). is not an acceptable approach to life according to many philosophers, because they claim that some things, such as human life, should not be subject to this kind of calculation of costs and benefits. does not apply to choices involving human life. all of the above. only (a) and (b) are correct. OO C

A5.

1.) The broadest definition of economics is the study of how people make decisions given a.) incentives b.) scarcity c.) comparative advantage d.) income 2.) "When deciding how many toppings to get on my pizza, I chose the number of toppings so that the benefit to me of the last topping I added on my pizza was equal to the cost of the last topping of pizza." This is a (somewhat silly) example of what principle of economics? a.) The relevant cost is opportunity cost b.) Everyone can benefit from trade c.) Markets achieve good outcomes d.) Making decisions on the margin

_______ The idea that satisfaction and dissatisfaction are separate and distinct dimensions comes from which of the following theories? a. Frederick Herzberg’s motivation–hygiene theory b. Maslow’s hierarchy of needs c. Frederick Taylor’s scientific management d. Reinforcement theory e. Hawthorne Studies

QUESTION 38 38. Which of the following statements referring to economic jargon is TRUE? a "free good" is one which is so abundant that there is enough to satisfy all that people may want of it. "scarcity" arises from assumptions of unlimited human wants and limited resources. a "scarce good" is one for which quantity demanded is less than quantity supplied. all the above are true only (a) and (b) above are true.

21. When you make a choice, whatever you give up as a consequence is called a/an a) priduction cost b) rationing method c) opportunity cost d) explicit cost

"DIFFERENCE BETWEEN NEEDS AND WANTS" It is very important to find the difference between want & need. The money that would be spent on things that you may want in that moment could instead be saved or put into things that are more important. By doing this you may see that you can save a lot of money, by not buying things that are not needed and even and that most of your money is not even being spent *Make a response,question, or clarification for that opinion

10 principles of economics and expound two microeconomics situations per principle