Q: Is the decision to buy pet insurance strictly an economic decision? Explain.
A: An economic decision is a decision when people have to choose between options due to scarcity of…
Q: What is meant by accomodating items?
A: We know well that in autonomous transactions there occur deficits or surplus which are to be covered…
Q: negative or positive sign
A: Price elasticity of demand: It refers to the change in the percentage of price due to which the…
Q: what does non-stationarity mean ?
A: Non - stationary means something which changes its trend over a period of time.
Q: Please provide an example of someone who violated netiquette and what happened as a result
A: When interacting via email or the internet, netiquette refers to a system of rules and traditions…
Q: Misty is single and has chosen Plan Q. Misty has not used her health insurance yet this year.…
A: Below is the given information: The portion of the bill = $5000
Q: A medical reported that the consumption of this product has many health benefits Describe how does…
A: As a medical reported that the consumption of this product has many health benefits, Describe how…
Q: orofit-maximizing quantity is
A: The expenses occurred during the output production depicts the total cost (TC). The revenue occurred…
Q: What is ability bias, example
A: Economics is a theory of choice and decisions making process of the people.
Q: How does a police chief role as a motivator differ from the role of a sergeant?
A: Police chief has greater role.Police chief is responsible for main discipline in the area of…
Q: What is correspondence analysis?
A: Correspondence analysis is a statistical tool for the qualitative data analysis which was initially…
Q: What is the matching concept?
A: The matching concept is an accounting practice whereby companies acknowledge revenue and related…
Q: isposable income (YD)?
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Distinguish between possession, form, time, and placeutility
A: Meaning of Time and Place Utility: Place utility refers to when the manufacturer provides the…
Q: How do we measure utility? Are interpersonal (i.e. between people) comparisons valid? Why or why…
A: The measure that depicts the benefit or satisfaction that is being received by individual due to the…
Q: does poverty have an effect on juvenile deliquency?
A: Yes, poverty has an effect on juvenile delinquency. Poverty is a major repeating factor of juvenile…
Q: Definition of want
A: Economics is the study of efficient allocation of resources. The resources in the economy are…
Q: In 2-3 paragraphs, discuss how does case planning helps address a prisoner’s needs? Do you think it…
A: Case managers will foster treatment or case plans dependent on hazard/needs appraisals, authority…
Q: Identify the disparity between belief and behavior in Vince’s situation.
A: The beliefs held by individuals in an association (show by how they think and act) are the essential…
Q: 20. Which of the following refers to the tendency to perceive another person as belonging to a…
A: Halo effect: It is the tendency of person, brand or company to positively impress and affect the…
Q: What is a extrapolation
A: In economics there are several economic activities and events that cater to the different analyses…
Q: Discuss the risk factors and the protective factors as they apply to substance use and abuse,…
A: Drug misuse can be exacerbated by risk factors, but it can also be mitigated by protective…
Q: Compare and contrast the differences between moral motivation and economic motivation. What are two…
A: Motivation is the process of starting, leading, and continuing goal-oriented actions. It's what…
Q: How is the social status and income of a consumer predisposes an individual to better health?…
A: Socioeconomic Status:- A person's or an institution's economic status is their societal rank or…
Q: What is the Decision Rule?
A: The decision rule is used extensively in statistical research, particularly in hypothesis testing. A…
Q: What research designs for the impact of social media on the perception of “Self” among Adolescents…
A: Being connected through smartphones and social media is now just a part of growing up for many…
Q: percent. a. what is the customer lifetime value if the customer retention rates are 70% and 95%? p.…
A: Customer retention rate is the percentage of existing customers who remain customers after a given…
Q: What happens when individual consumers don't have perfect information nor limitations to process…
A: The economics as a study is based upon the idea that the resources which the economies have tend to…
Q: Linda has a chronic illness that requires two medications: Xolophyl (X) and Ysplinti (Y). She needs…
A: Given that :Two good : aolophyl (X) and ysplinti (Y)Price of X and Y are Px and Py…
Q: Supren Court change?
A: Ideological changes in the structure of the Supreme Court because of presidential appointment have…
Q: what is the premise of John Kenneth Galbraith's The Affluent Society?
A: John Kenneth Galbraith's Affluent Society was derived in concentration to country A's economic…
Q: Ralph is choosing whether to purchase health insurance. Here are the features that define his…
A:
Q: How would you differentiate among needs assessments, process evaluations, and outcome evaluations?
A: A needs assessment is a technique for identifying and meeting unmet requirements. To properly…
Q: dentify an experience good. Identify a search good. How does the retailing of the experience good…
A: Experience goods are considering to those goods whose valuation cannot be done before buying that…
Q: What is the decision rule? when is it used?
A: A null hypothesis can be defined as the hypothesis stating that the proposed characteristics of a…
Q: What are the purpose of individual enterepreneur? What are the few advantage or merits of individual…
A:
Step by step
Solved in 2 steps
- Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.
- As a college student you work at a part-time job, but your parents also send you a monthly allowance. Suppose one month your parents forgot to send the check. Show graphically how your budget constraint is affected. Assuming you only buy normal goods, what would happen to your purchases of goods?Would you expect total utility to rise or fall with additional consumption of a good? Why?Who determines how much utility an individual will receive from consuming a good?
- Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to confirm the choice of phone minutes and round trips that maximize Jeremys utility.image for question a. If she can visit only one of the stores, which one would she go and what would be her optimal bundle there? Could she afford this very bundle at the other store? (b) If she can freely visit both stores, (buying each commodity from the store where it is cheaper !!) what would be her optimal bundle? What would she buy from each store? (c)Back to (a), how much money would she willing to give up (out of her $720 budget) for the ability to visit both stores rather than only one store? (HINT: After giving up that money, she is left with less money with which optimizing utility with the option of visiting both stores -buying each commodity from the cheaper store- she is able to achieve the same level of utility in the scenario with the original uncut budget but having to choose only one of the stores to shop at)Amadea spends all her income on pizza,chocolate milk, and music streams. The price of pizza is $4 per slice and price ofchocolate milk $2 per bottle. At Amadea's current consumption level, her marginalutility for pizza is 50 units per slice and for music 100 units per stream. Assuming thatAmadea is a utility maximizer, how much is (a)her current marginal utility for a bottleof chocolate milk, and (b) the price of streams she buys. Show your work. [Hint: Ch 6:Utility-maximizing formula)
- If we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unitJohn likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Supposethat John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke?question as image a. If she can visit only one of the stores, which one would she go and what would be her optimal bundle there? Could she afford this very bundle at the other store? (b) If she can freely visit both stores, (buying each commodity from the store where it is cheaper !!) what would be her optimal bundle? What would she buy from each store? (c) Back to (a), how much money would she willing to give up (out of her $720 budget) for the ability to visit both stores rather than only one store? (HINT: After giving up that money, she is left with less money with which optimizing utility with the option of visiting both stores -buying each commodity from the cheaper store- she is able to achieve the same level of utility in the scenario with the original uncut budget but having to choose only one of the stores to shop at)