how "framing effect" in economy from behaviorual economy affects managers decision making for increasing companies' profit?

Q: Explain the role that is played by the three decision makers in the economy

A: The firm, the household, and the government are the three basic economic units that carry out…

Q: If you are the employer of a business establishment, how will you apply utilitarianism using…

A: The utilitarian is used by the business firms to analyze and evaluate the decisions in light of its…

Q: How is trust the building foundation of the circular flow model/economic model? 3.

A: Circular flow of economic model represents the economic arrangement in which there are two major…

Q: Give an example of some action that has both a monetary and nonmonetary opportunity cost.

A: Opportunity cost is a central principle of economics, which means people face tradeoffs in life. And…

Q: What are the likely consequences of not intervening?

A: The government can intervene in an economy through various ways and this can affect differently to…

Q: Explain why it is important for an economic modelto be an abstraction from the real world.

A: Because the real world is far too complex to comprehend in detail, it is critical for an economic…

Q: Why do Economic agent make decisions at the margin

A: It is very important that decisions are made at the margin. Economic agent take risk factor and…

Q: Which of the following factors do rational actor consider LEAST? a. cost to the producer b. personal…

A: Rational choice theory: It refers to a theory in which individuals use rational calculations to make…

Q: lemon market case and hold up What is agent theory?

A: The lemon market is the situation that arises where the sellers of the good have more and between…

Q: What is a major difference between adaptive and rationalexpectations? Give an example of each.

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: What is incrementalism? How does it impact decision making? How does it differ from the…

A: Incrementalism was first evolved during the 1950s by the American political scientist Charles E.…

Q: how does scarcity affect enconomic decisions?

A: Scarcity implies that the demand for a good or service is more prominent than the accessibility of…

Q: Assistance please implementation and enforcement of the seat belt law has resulted in an increase…

A: In microeconomics, the production and allocation decisions regarding individuals and single firms or…

Q: Economist Gerd Gigerenzer characterizes heuristics as “fast and frugal” ways of reaching decisions.…

A: Heuristics approach is a short cut of reaching to the decision that results in the decisions biases.…

Q: What are transaction costs? How does opportunistic behavior tend to increase transaction cost?

A: Cost: It refers to the goods and services price that is charged by the producer. The more the cost…

Q: explain each.You can use an examp

A: The analysis of economic concepts as they are applied to particular circumstances or conditions is…

Q: Are options b through e correct or incorrect?

A: A price ceiling is the commanded most extreme amount a dealer is permitted to charge for a product.…

Q: Timothy receive $100 on his birthday. He wants to buy either a new skate board or a new mp3 player…

A: In a market, action and decision of the market participants belongs to some of the core economic…

Q: What is the difference between consummatorymotives and instrumental motives?

A: Motives refer to the reasons that acts as the purpose of doing a task. The motive helps the…

Q: In your own words, how can efficiency wage reduce principal agent problem ? How can efficiency wage…

A: The principal-agent problem is a conflict between the interests of the owner of the asset and the…

Q: Your mother loves books. From an economist's perspective, what is the best gift from the list below,…

A: The resources which are present with the economies tend to be limited in nature, while people have…

Q: What is cost leadership strategy advances?

A: In a market, there are different strategies used by the firms to gain competitive advantage such as…

Q: Which has a good example of an opportunity cost? Which one is an example of economically rational…

A: Opportunity cost: Opportunity Cost is the benefit and costs associated with choosing one action…

Q: How do Mankiw’s ten principles connect with Baumann’s ten principles

A: Mankiw's principles and Baumann translation of those principles are interlinked to each other.…

Q: Provide an explanation an economist might give showing why each statement is true: - scarcity always…

A: Scarcity exists where the demand tends to be larger than that of availability of resources. Or…

Q: Is the opportunity cost of an action a subjective evaluation?

A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…

Q: Herbert Simon, the Novel Prize-winning economist, described the rational model of decision-making in…

A: The model of Herbert Simon is a decision making model. According to this model, the decision making…

Q: Define economics, and explain why scarcity is central toeconomic decision making.

A: Economics is the study of how human beings choose alternatives under situations of scarcity. Such…

Q: Why are Adam Smith's economic views more valuable. Provide three reasonings

A: Adam Smith gave the theory of absolute advantage in international trade which means that the country…

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: The illusion of pattern shapes our everyday lives. How does this illusion emerge (refer to law of…

A: The purpose of experimental scientific research is to thoroughly understand a causal mediating…

Q: How can opportunity cost affect behavior?

A: The opportunity cost of any activity is the benefit from the next best alternative foregone to…

Q: How is the Rational decision making a complex process?

A: Rational decision making is a multi-step process used for making bets decision or choice when…

Q: Why is deductive reasoning stronger than inductive reasoning? A. Because it makes assumptions based…

A: Deductive reasoning is stronger than inductive reasoning

Q: Describe 3 ways in which human decision making differs from the rational individual conventional…

A:

Q: When do we use Opportunity-Cost Approach?

A: The opportunity - cost approach helps to determine the second best alternative available or an…

Q: Whose work on decision making received a 2002 Nobel Prize?

A: Answer: Princeton University psychologist Daniel Kahneman received a 2002 Nobel Prize. He won this…

Q: Describe three ways in which human decision making differs from the rational individual conventional…

A: The study of psychology and economics reveal that the human decision making is more complex and…

Q: Define scarcity, choice, and opportunity cost and explain how they are related and why they are so…

A: Economics  Economics is the study of scarcity and how it impacts a variety of complex social issues,…

Q: How can organizational context influence the decisions made by organizational members?

A: The term organizational context refers to the context of the organization which includes :- how big…

Q: What is the difference between Gordon method and Brainstorming?

A: The process of forming and transmitting ideas, whether they are abstract, tangible, or visual, is…

Q: What is opportunistic behavior and the example of it? Please asap.

A: The deliberate policy and practise of taking selfish advantages of circumstances is referred to as…

Q: Is it the possible for a person incur an opportunity cost without spending money?

A: Opportunity cost refers to the resources that are given up to produce some other good. Yes, it is…