What is cultural deviance theory?

Q: Pareto Efficiency

A: Pareto efficiency or optimality is one of the major criteria drawn from welfare economics for…

Q: Consider the following utility function U(X,Y) = 2X + 3Y PX,PY, and I are exogenous. (a) What is the…

A: The marginal rate of substitution(MRS) in this case is equivalent to: MRS=∂U∂X∂U∂Y=23 At the…

Q: Is the following claim logical? Explain your answer.Actor Matt Damon will be more likely to buy a…

A: Luxury commodities are those whose demand rises as the income of the people rises.

Q: Which of the following is the best example of complementary goods?

A: We have to find complementary goods example.

Q: What is efficiency in economics?

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: In an auction, potential buyers compete for a good by submitting bids. Adam Gallinsky, a social…

A: An auction is a public sales process of buying and selling of property and goods and services by…

Q: Anon is a graduate student at Lock Haven University studying human behavior. Three subjects,…

A: Utility: it is the want satisfying power of goods and services. Alternatively, the utility of a…

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: How is bargaining impatience measured?

A: Bargaining in the procedure whereby people or a group of people negotiate over the terms of a…

Q: What is agent theory?

A: Definition: Agent theory is also called agency theory. Agency theory is a rule that is utilized to…

Q: Draw graphs to show "People respond to incentives and disincentives" in relation to the demand curve…

A: The demand curve represents the quantity demanded for a good at different prices keeping other…

Q: why is competition good for the consumer from an economics perspective

A: We know that firms in a perfectly competitive market produce the socially optimum quantity of output…

Q: Which of the following illustrates the ceteris Paribus assumption

A: In economics, the assumption of ceteris paribus, a Latin expression signifying "with different…

Q: Describe the  Utility Company Approach?

A: Utility means the usefulness or value from a product that is experienced by consumers. The economic…

Q: Can Islam really solve pricing problem? I want answer from economist.

A: Islam does not tend to favour privatization of the public properties and means of production being…

Q: Does the Washington Monument strategy cut the items with the highest marginal utility or the lowest…

A: The amount of satisfaction that an individual receives from the consumption of a good or service is…

Q: The act of using goods and services to satisfy the human wants is known as ______

A: According to the given question In Economics human wants are generally classified as that type of…

Q: human want or need is called A. Service B. Demand C. Utility

A: So all the actual aspirations and the basic desires of the human are totally known as the human…

Q: Sam has an ice cream business in town. The average price of ice cream increases in the city. This…

A: Sam has an ice cream business in town. The average price of ice cream increases in the city. This…

Q: Explain the statement people respond to incentives and disincentives in relation to the demand and…

A: An incentive is an item or element that motivates an economic entity to carry out or preclude an…

Q: What is the matching principle?

A: Matching principle is an accounting term which is used to state that each and every expense occurred…

Q: The following utility function indicates homothetic preferences: U (x, y) = In(x) + 3 ln(y) + 2

A: A utility function indicates homothetic preferences when MRS depends on the ratio of two goods.  For…

Q: What is the meaning of the denial of entanglement?

A: In an economy, when people interact with each other, there are various costs and benefits associated…

Q: What is marginalism?

A: Macroeconomics: The study if the economy as a whole or in totality is termed as macroeconomics. For…

Q: Robert Cialdini reports the following event in his book Influence: The Psychology of Persuasion. The…

A: According to the 'Law of demand' there is an inverse relationship between price and quantity…

Q: Commodity Fetishism is said to be a distortion in the relations between people.  What does this…

A: Commodity Fetishism is a Marxist philosophy that says there exists a social relationship between…

Q: What is Autarky? What does Autarky mean

A: Autarky refers to a self-reliant state that is self-sufficient and has limited trade with global…

Q: Give an example of Quality/new goods bias?

A: New good bias is the tendency to not count new goods as a part of price index, and it occurs because…

Q: What is the endowment effect?

A: The economic model of consumer behavior predicts consumer behavior in a market that has scarce…

Q: What do you think of the ethics of using unconscious nudges to alter people’s behavior?

A:

Q: What do you mean by complementary goods give two examples of the goods which are complement to each…

A: According to the given question In general there always exist an inverse relationship between the…

Q: Consider the following utility function: X2 if: 1 2 u(x1, x2) if: 1< x2 < 2 x2 + x1 otherwise Answer…

A: Utility function is the function which represents the combination of number of goods which consumer…

Q: Utility Maximization A consumer faces income constraints and has CES preferences of the following…

A:

Q: he Revealed Preference Theory was A) Lionel Robbins C) Joan Robinson (B) Paul Samuelson (D) Alfred…

A: According to the given question The revealed preference theory in economic is the theory which helps…

Q: What is complementary goods

A: In an open economy, there is a free flow of production of goods and services. All types of goods are…

Q: Concept of Marginal Utility was introduced by ___________

A: Marginal utility refers to the additional utility or satisfaction derived by the consumption of one…

Q: Define the Various Mathematical Implications of Homoskedasticity?

A: One of the assumptions of the Classical Linear Regression Model (CLRM) is homoscedasticity. It…

Q: What Is Quantity Discount Analysis?

A: In economic terms, the quantity discount is a benefit given to a buyer that, when bought in larger…

Q: If price rises Multiple Choice there must have been a decrease in equilibrium quantit there may have…

A: Equilibrium is achieved at the output level where quantity demanded equals quantity supplied.

Q: Describe the Edgeworth box.

A: Edgeworth box is a two-dimensional representation of a simple, closed economy which has two…

Q: Assume a primitive society that produces two goods: food and tools. There is a consumer that is…

A: In a market, an individual will be able to maximize his utility if the MRS of consuming two goods…