The fact that humans are ultrasocial means that: O we're bad at avoiding COVID-19 we tend to see faces on random things, like floor tiles or pieces of wood we didn't spend time around strangers until the internet was invented O A& B O A &C
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- Tversky and Kahneman asked 72 respondents to choosebetween lottery 1 and lottery 2 and lottery 3 and lottery 4.Lottery 1: A .001 chance at winning $5,000 and a.999 chance of winning $0Lottery 2: A sure gain of $5Lottery 3: A .001 chance of losing $5,000 and a .999 chance of losing $0Lottery 4: A sure loss of $5More than 75% of all participants preferred lottery 1 tolottery 2 and lottery 4 to lottery 3. a Which choices would be made by a risk-averse deci-sion maker? b Which choices would be made by a risk-seeking de-cision maker? c How does the observed behavior of the participantscontradict expected utility maximization?d How does prospect theory resolve the contradiction?1. Gorgeousleny with an income of P150 would like to buy two goods. Let us say juice and bread. Price of juice is P12 and price of bread is P6. If gorgeousleny will buy the ist 5 juices she is entitled to a 50% off. Draw the graph. After a week gorgeousleny went back to the store and will still buy her two favorite goods with the same income of P150 and price of bread and juice is constant. but this time the promo of 50% off is applied after the ist 5 juices. Draw the graph. . a. ) Measure the qty. of bread on the vertical axis and the qty. of juice on the horizontal axis. Label both graph with its corresponding points, pt. A for bread and point B for juice. the combination of bread and juice label it as point C. b.) For both graph, What is the slope from point C to point B? ; What is the slope from from point A to point C?MCQZ 13 Camille is at the candy store with Grandma Mary, who offers to buy her $10 worth of candy. If lollipops are $2 each and candy bars are $3 each, what combination of candy can Camille's Grandma Mary buy her? Multiple Choice five lollipops and three candy bars two lollipops and two candy bars two lollipops and three candy bars four lollipops and one candy bars MCQZ 16 Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. If the consumer decides to buy 4 apples, how many bananas can she also buy with the remainder of her budget, assuming she exhausts her income? Multiple Choice 2 bananas 10 bananas 4 bananas
- s EconomicsQ&A LibraryEach term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’ responses as MPC March 0.41 June 0.30 September 0.22 December 0.56 What do these MPC’s imply about the students’ thinking over the course of the year? (Enter response here.) What is likely happening in the economy during the same period of time? Each term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’…Bart and Lisa are both optimizing consumers in themarkets for shirts and hats, where they pay $100for a shirt and $50 for a hat. Bart buys 8 shirts and4 hats, while Lisa buys 6 shirts and 12 hats. Fromthis information, we can infer that Bart’s marginalrate of substitution is _________ hats per shirt, whileLisa’s is _________.a. 2; 1b. 2; 2c. 4; 1d. 4; 2Q. 1 You are the mayor of a small town with 2000 residents. The head of your economic development agency recently conducted a survey in which the 2000 residents said that a public concert in the centre of town would be worth $20 to cach of them. Since it costs only $5000 to hold the concert, you organized and held the concert, which everyone in town enjoyed. But when you asked for donations to pay for the concert, you only collected $30 in total. What do you know? a. The survey certainly overstated how much the concert was worth to each resident. b. From the standpoint of total costs and benefits, the cost of the concert certainly exceceded the benefit. c. The concert was an example of the Tragedy of the Commons. d. Residents of the town were probably free riders.
- which is the most preferred level of individual’s choice for public expenditure relating it with individual’s utility dependence, by considering three different groups? also draw the graph and intrepret it.. On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according to thefunctionU (c, b) = 20c - c2 +18b- 3b2.How many cigars and glasses of brandy does he consume during an evening? (Cost is no objectto J. P.)b. Lately, however, J. P. has been advised by his doctors that he should limit the sum of glasses ofbrandy and cigars consumed to 5. How many glasses of brandy and cigars will he consumeunder these circumstances?On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according tothe functionU(c, b) = 20c− c²+ 18b − 3b²a. How many cigars and glasses of brandy does he consume during an evening? (Cost isno object to J. P.)b. Lately, however, J. P. has been advised by his doctors that he should limit the sum ofglasses of brandy and cigars consumed to 5. How many glasses of brandy and cigarswill he consume under these circumstances?
- Matthew and Susan are both optimizing consumers inthe markets for shirts and hats, where they pay $100for a shirt and $50 for a hat. Matthew buys 4 shirtsand 16 hats, white Susan buys 6 shirts and 12 hats.From this information, we can infer that Matthew'smarginal rate of substitution is __ hats per shirt,while Susan 's isa. 2, 1b. 2, 2c. 4, 1d. 4, 2WHY DID YOU COPY ANSWERS FROM PREVIOUS " QUESTION 2". I JUST SEND YOU TWO QUESTION, NOT a,b,c. THERE IS NO ANSWE FOR MY 2 QUESTIONS. ANSWER THESE TWO QUESTION IMMIDEATELLY. THIS IS FOR MATHEMATICAL ECONOMIC CLASS Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Suppose that more consumers prefer the disposable cell phone over the smart phone because the disposable cell phone is more durable than the smart phone. This latest news comes after the fact that firms that manufacture disposable cell phones have the latest technology integrated into their production facilities. What will be the market effect? Going back to question (d), suppose that the price of a disposable cell phone is now set at $11.75. How many disposable cell phones will be demanded by consumers? Whichever curve you’ve determined should be shifted, derive the new function.Eren’s two main hobbies are taking vacations overseas (V) and eating expensive meals (M). His utility function is given as: U(V,M) = V^2MLast year, the average price of taking a vacation overseas was US$200 and the average price of an expensive meal is $50. However, due to supply problems in Onions, the average price of an expensive meal rose to $75. The average price of a vacation did not change. His income, which is $1500, did not change. Suppose that the Department of Welfare wants to know how much should be given to Eren to offset his change un utility due to the price increase of an expensive meal. Calculate the compensative variation (CV).
