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- Economist Gerd Gigerenzer characterizes heuristics as “fast and frugal” ways of reaching decisions. Are there any costs to heuristics being “fast and frugal”? Explain and give an example of how a fast and frugal method for doing something in everyday life comes at some costs in terms of other attributes forgone.When using the social ecological model, which of the following would be considered part of the "exosystem" of influence on an individual's physical activity? O Personal factors O public policy O Institutional factors O Exosystem does not exist in the social ecological model If you have a client who wants to work out on his own, which of the following method of prescribing exercise intensity you should recommend to be more accurate? O Rating of perceived exertion (RPE) O Talk test O % Age predicted HRmax O % Heart rate reserve (measured)This is an economics-based multiple-choice question... Which of the following facts could not be explained by path-dependence? (choose one) A) Sue lives in the city in which she was born. B) Maria likes to cook the dishes her mother used to cook. C) Vanessa is the first person in her family to go to college. D) Ahmed has played piano since he was four years old.
- Give typed explanation of the each option givenMon poogle weld ascher andes one hamburger and one order of French fries, rather than two hamburgers and no Preech fries. Explain why economists consider this an example of rational decision makingCould you please write your own words, not copy-paste or plagiarism issues Question: Discuss the differences between social and market norms(behavioral economics) and what happens when these norms collide. How can an understanding of these two norms help businesses?
- oDescribe 3 ways in which human decisions making differs from the rational individual conventional economic theoryhttps://www.thesustainablefashionforum.com/pages/the-psychology-of-fast-fashion-exploring-the-complex-emotions-fast-fashion-evokes-in-consumers#:~:text=Despite%20its%20polarizing%20nature%2C%20having,ultimately%20leading%20to%20positive%20change. How does this article relate to economics? Such as marginal utility, consumption, substituibility, etcWhat is "bounded rationality"? a. Gathering all necessary information before making a decision. b. People only make choices that gives non-negative utility. c. Limits on information, time, and abilities might prevent people from seeking out the best possible outcome. d. Human beings are often restricted/forced to make only rational decisions.
- Behavioral economics helps explain: which of the following????????????? a)why people are rational. b)why people are selfish. c)why being selfish is rational. d)the degree to which people are altruistic. Give typing answer with explanation and conclusionDescribe three ways in which human decision making differ from the rational individual conventional economic thoeryEconomicsDirection: Determine the benefits, costs & disbenefits of the following situations.