What are the seven virtues which Deirdre McCloskey claims as Bourgeois Virtues? O Courage, temperance, justice, prudence, faith, hope, and love O Scarcity, choice, preference, value, cost, opportunity, and the standard of living O Wrath, envy, vanity, sloth, lust, greed, and gluttony O Life, liberty, property, dignity, happiness, family, and income
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- Altruism: now consider the case where each individual cares about the benefit from the museum to the other two. For example, any additional utility to Alice or Bianca is also a utility gain for Claire. Hint: for each person, the total marginal benefit is TMB= MBA+ MBB+MBC Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?Discuss the impact of rational self-interest on each of the following decisions: a. Whether to attend college full time or enter the workforce full time. b. Whether to buy a new textbook or a used one. c. Whether to attend a local college or out of town college.Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.
- The objective of consumption in Islamic economics is to spend money that may maximize a person’s utility. to manage the resources and behave in a way that pleases Allah. to utilize nature, the universe and other creations. to maximize well-being by seeking the pleasure of Allah.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)Explain merit goods and provide at least four examples of how these goods become a merit to the society.
- Normative theories predict that people should always choose certain options in gambling problems, but ____ theory explains why they do not always follow the normative theories dictate that they should. 1. Expected utility 2. Heuristic 3. ProspectWhat is the example of the principles of Piety (Taqwa) in Islamic Economics that can relate with consumer behavior?By using consumer choice theory, explain why diamonds, which are not necessary to sustain life, are expensive, whereas water, which is necessary for life, is not.
- Need asap... My husband is sick of me drinking Coke every day. He tells me that if I give up drinking it for 6 months, he'll buy me a new car. I want a new car, so I agree to the deal, and I don't drink any Coke during that time. At the end of the six months, I tell him it's time to go get my new car. He balks and says no, explaining that not drinking Coke has actually been beneficial for me, so there's no consideration for the deal. Is he right? Explain.about Sigmund Freud’s theory about the self, identity and self-concept, state the relationship between Id, Ego, and SuperegoPlease provide an explanation as to why each choices is either correct or wrong.