According to Joel Waldfogel how much value is “destroyed” as a result of Christmas gift giving?

Q: What are the fundamental difference of Classical Economist and Marginalist?

A: Marginalists make economic decisions over particular unit or marginal unit instead of making…

Q: Richard Thaler gives three criticisms of the homo economicus model. The first of these is “SIFs.”,…

A: Traditional economics envisions a future filled by calculating, emotionless maximizers known as Homo…

Q: How are both realist, liberal and constructivist views represented

A: There has been a striking resemblance in between the realism and constructivism that would be…

Q: By using consumer choice theory, explain why diamonds, which are not necessary to sustain life, are…

A: Paradox of Value:The paradox of value refers to the condition where the price of an essential…

Q: Richard Thaler provides three criticisms of the homo economicus model in his book “Missbehaving”.…

A: With the first salvo of wit that will characterise the entire book, Richard Thaler claims that…

Q: Is the economic system self-equilibrating? Does Schumpeter agree?

A: As per classical economists economy is self correcting economy which depends on self adjusting…

Q: Why is this answer different to the other answers for the same question?

A: Cournot model is an economic model wherein contending firms pick an amount to create freely and all…

Q: What is Reasonable Doubt?

A: Uncertainty/Doubt of ordinary convictions or a structure of thought can likewise open up new bits of…

Q: Why do economists sometimes offer conflicting advice to policymaker?

A: The economics is mainly theory-based and its principles and concept are based on assumptions which…

Q: If there is no money will society find a way to exchange goods and services without it? Explain.

A: Bartering is the exchange of services or goods with another person without the exchange of money.…

Q: Why economics is an applied science?

A: In recent period of time the market and the situations in the world are market by the scientific…

Q: Will giving children/students money help improve their interest in Economics and increase their…

A: When talking about the study of economics and finance, it can be said that a student learns a…

Q: Is either the capitalist economic model or the socialist economic model preferable from a moral…

A: Capitalist economic model refers to an economy which is driven by private sector. The majority of…

Q: What we can conclude from the Consumption and Islamic Moral Principles in Islamic Economics?

A: Consumption may be defined in a variety of ways, but it is best characterized as an individual's…

Q: Why do we formulate policy?

A: A policy is a set of principles intended to direct decisions and produce objective outcomes. A…

Q: How can studying economics help you as a student?

A: Studying economics can help students by exposing them to theoretical approaches within the field of…

Q: Thanks for your answer. Can you explain in a little more detail?

A: Negative externality refers to when the production or consumption results in a cost to the third…

Q: Adam Smith most likely agree?

A: Laissez-faire is an economic system in which transactions between private groups of people are free…

Q: Who is the 'father of economics'?

A: To find : Who is father of economics.

Q: Based on the law of economics, is an invitation to go to the movies as a birthday gift, considered…

A: In economics, the second principle says "the economic cost of something is what you give up to get…

Q: Are you happy or comfortable in all your decisions from the different situations why?

A: Yeah I can not say I'm happy but I'm satisfied You cannot be proud of your all decisions, because…

Q: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: If scarcity and misallocation are two different concepts, how can either concept be used to better…

A: Scarcity defines the gap between the limitless wants and the limited resources. This situation can…

Q: Nowadays, is mathematics essential for understanding economic principles?

A: The principles of economics are generally about satisfying the unlimited wants of the consumer with…

Q: Define Degree of necessity?

A: Necessity goods are those goods which are required by the consumer in day to day life. These are…

Q: How is the success of economic policy measured?

A: There are various measures adopted by an economy to monitor its success or growth. Some examples…

Q: Give an example of something that is an economic good for one person and a financial bad for someone…

A: Financial things are the ones that mainly focus on wealth and its maximization. Economic thing…

Q: What is systemic initiative

A: Initiating is having the ability to take action independently which advances a series of actions.…

Q: in what will happen to the

A:

Q: choose the correct answer: Question: Whose classical philosophic idea translates the intention to…

A: Option A Socrates

Q: What is keenness to save in economics?

A: There are two points that can be taken into consideration first is consumption and another one is…

Q: When it comes to advice being given to policy makers, economists may offer conflicting advices for…

A: Policy makers while taking advice from different economist’s always face conflicts for determining…

Q: Is Economics an Administrative Science?

A: Science is an art that depicts the logical reasoning behind subjects and topics.

Q: How does inherent value differ from instrumental value?

A: Inherent value and instrumental values are a part of the the environmental economics. They are used…

Q: Why is scarcity an essential concept in economics?

A: Social science studies human behavior in different societies, the relationships, and the functions…

Q: Economics is the study of?

A: Economics is the study of maximizing the use of scarce resources while producing different…

Q: What is the Stackelberg Theory in Economics?

A: Please find the answer below.

Q: what role do economic ideas play in policy making??

A: Policy making is a decisive role of the government where it sets some policies in order to control…

Q: What is PPP

A: PPP is a popular metric used in the field of macro economics.

Q: According to John Rawls, the welfare of society only depends on the welfare of the  ------------…

A: When talking about the theory of John Rawls on the social welfare, it can be said that he beleives…

Q: -Economics is the study of

A: What is the study of economics :

Q: According to Richard Thaler, what two things give economics its reputation as the most powerful…

A: Richard H. Thaler is a professor of behavioural science and economics at the University of Chicago…