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- Hello experts, I have posted this question many times in chegg, but every time people answering this question to use ai tool like chatgpt, please dont use gpt and other ai tool. Can we change one of the most fundamental definition of economic theory: The way we calcutale the cost of risk? Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i have 23 chegg study accounts, i told you if the answer wrong then i gave 23 dislikes for you and more from my friends accounts also.Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging. (All the graphs you draw should include labels down and right arrows to indicate the changes before and after the new drug were discovered). a.) What's the effect on optimal health H* ? Draw its marginal efficiency of capital (MEC) curve.Studying has both costs and benefits. If you continue tostudy (e.g., for a test) for as long as the marginal benefitsof studying are greater than the marginal costs, and youstop studying when the two are equal, will your actionbe consistent with having maximized the net benefits ofstudying? Explain your answer.
- oDescribe 3 ways in which human decisions making differs from the rational individual conventional economic theoryWhat are some examples of loss aversion in everyday life? (i.e how do we experience loss aversion when shopping for groceries?)Discuss the Pareto optimal efficiency theory. Suppport your answer with a practical example?