Do you think the model of consumer equilibrium describes how people really make the decisions on what to order to in a restaurant to maximize their utility? Is there a better model to measure consumer choice?

Q: you find your opinion leaning towards traditional or behavioral economic beliefs?

A: Answer in step 2

Q: Is tipping a waiter 15% of the bill traditional,market or command in economics?

A: Tipping a waiter 15% of the bill is a tradition in some cultures. In others, it is considered a…

Q: Economics is a social science which deals with human behavior as a relationship between ________. a.…

A: It is said that Economics is a social science which deals with human behavior as a relationship.

Q: Paul, Noel, and Sandi work in a bakery where they make pies and cakes. In one day, Paul can make 5…

A: Opportunity cost basically refers to the cost of best next foregone. In other word it is the cost of…

Q: How will apply the principles of shifting demand and supply in economics

A: There are 2 important principles that apply in shifting demand and supply in economics. The demand…

Q: Suppose a wedge of cheese is $10, and a loaf ofbread is $5. What is the opportunity cost of…

A: The opportunity cost of a wedge of cheese(in terms of bread) is the amount of bread given up.…

Q: The objective of consumption in Islamic economics is   to spend money that may maximize a person’s…

A: Islamic Economic: Islamic economics means running the economic activities according to Islamic…

Q: Demand, Supply and Equilibrium  Draw curves that represent the following relationship  a. The cost…

A: As cost or price increases, demand declines, ceteris paribus. This is in parity with the Law of…

Q: Since everyone has the same needs, we can therefore say that scarcity is an absolute term. Is this…

A: Scarcity is a very important economic problem which shows the difference between the unlimited wants…

Q: HANDBAGS What happens when the hot handbag trend is to not buy a new one? Sales of premium handbags…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: When we analyze the general equilibrium model, why do we ignore the equilibrium for the non-monetary…

A: The general equilibrium model is one of the models which is used for analyzing the economy as a…

Q: Why is economics often described as the science of constrained choice?

A: The desire and need for goods and services such as food, housing, cloth, and anything that improve…

Q: In economics, rationality means that choices must be made generally the same among individuals.

A: Rationality means when people make decisions they make decisions on the basis of information…

Q: According to statistics, people in their teens (15 years) will buy 12 CDs and 15 cheese pizza in a…

A: Answer: Present consumption of teens is 12CD and 15 pizzas. and cheese pizza is a secondary good for…

Q: What is economics constants?

A: Constants remain same.They do not change.

Q: Do you think Pareto Efficiency is enough to explain welfare economics?

A: According to Pareto efficiency, it is not possible to increase one person utility or welfare of one…

Q: What is Economics? And why was Alfred Marshal’s theory criticized?

A: Answer - Economics :- It is the social science which deals with how a consumer behaviour and there…

Q: Coffee and doughnuts are complements in consumption. Suppose bad weather in the coffee producing…

A: The curve that depicts various quantities of goods and services being supplied at various price…

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: What is economics, and how can you benefit from understanding basic economic concepts

A: Economics: Economics matters by investigating how people settle on choices despite the shortage.…

Q: Is there any graph that can show about the Malthusian Theory of the decreasing in supply food that…

A: The Malthusian argues that population increases at a geometric rate and food supply increase at an…

Q: Based on these data, describe the relevant relationship between the price of a hamburger and the…

A: Law of demand: It shows the inverse or negative relationship between quantity demanded and the…

Q: What are the features of the human wants in economics?

A: Economics: Economics is the study of mankind in the ordinary business of life, It investigates how…

Q: Differentiate between an exogenous variable and an endogenous variable in an economic model? Why…

A: Economic models contain many different types of variables, two of which are the Exogenous Variable…

Q: A central idea of economics is that by observing changes in ________, we can predict how choices…

A: According to the economists, the choices that individual makes are rational and by rational choices,…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: What is the difference between an economu based on individualism and an economy based on…

A: Economy based on individualism :-  The basic feature of the economy is that it provides freedom to…

Q: Anton has the endowment (2 eggs, 2 yogurts), which he can trade on the market. If the price of eggs…

A: Anton has endowment (2 eggs, 2 yogurts) that he can trade on the market also Given that price of…

Q: Which of the following does not correctly explain about the purposeful behavior that reflects…

A: The study of economics is concerned with allocating scarce resources efficiently. It is concerned…

Q: An economic explanation for why people make different choices begins with accepting the proverbial…

A: Saving: It refers to the money that is not used by the people. It is the money which is used in case…

Q: Indicate whether each of the following statement applies to microeconomics or macroeconomics: An…

A: Microeconomics deals with the components and aspects of the micro-level, where micro means on a…

Q: The problem of choice is called the Economic problem True/False

A: The biggest problem the economy has to deal with is the problem of scarcity which means that the…

Q: The wants with which economics is concerned include only those wants which can be satisfied by goods…

A: False

Q: In the basic supply-and-demand model, a buyer only purchases a good when?    if the price is lower…

A: The demand and supply model shows the relationship between the selling quantity of products and…

Q: my has only $50 to spend for her weekend entertainment. She can go to a college football game for…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Given that most people like to get ‘free stuff,’ it follows that goods that are available free of…

A: The following problem has been solved as follows:

Q: What is the difference between an economy based on individualism and an economy based on…

A: OVERVIEW OF ECONOMIC INDIVIDUALISMEconomic individualism is based on the belief that the government…

Q: In a market-oriented economy, the amount of a good that is produced is primarily decided by the…

A: There are unlimited wants of people in the world, and resources to fulfill these wants are limited.…

Q: An economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot…

A: Production Possibility Curve represents different combinations of two goods that can be produced in…

Q: How do economists address the 3 central questions that economists ask to better understand decision…

A: While addressing the three central questions, the economist assumes that decision markers seek to…

Q: If you buy something, you are never ripped off, at least according to the way economists think. If…

A: The economics as a study is based upon the idea that the resources which are present with the…

Q: Provide two microeconomic statements and two macroeconomic statements

A: Macroeconomics studies the economy as a whole and not just on specific companies. For example,…

Q: Identify each of the following topics as being part of microeconomics or macroeconomics: the effect…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Which of the following is correct? Economics is the study of the individual. Economics is defined…

A: Here We have to find economics definition.

Q: Based on the diagram below, a. What is Bart's income? b. What is the price of Good B at point K? c.…

A: Vertical and horizontal intercept gives us the maximum amount of goods that an individual could buy.

Q: Macroeconomics  Group of answer choices is the efficient allocation of societies scarce resources is…

A: Scarce resources are those resources which are present in limited quantities.

Q: Goods and services can be classified as four folders, what are the four folders? Please explain…

A: The goods and services can be classified as four folders which are convenience goods, shopping…