Which of the following supermarket strategies to increase sales would be most consistent with a behavioral economics (versus neoclassical economics) approach? Multiple Choice distributing online coupons providing discounts for buying bulk positioning frequently purchased items at the back of the store offering price matching with other stores < Prev 3 of 11 Next >
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- What are 4 basic assumptions of neoclassical economicsWhy do behavioral economists consider it helpful to base a theory of economic behavior on the actual mental processes that people use to make decisions? Why do neoclassical economists not care about whether a theory incorporates those actual mental processes?Nutritional economics. Suppose we are considering a hungry individual in the Gross-man model deciding what to have for dinner. His options are listed in Table 3.2. Each dish has an effect on the level of the home good Z and health H.a. Suppose the diner’s single-period utility function is as follows: U = 3Z + HIf the diner is trying to maximize his single-period utility, and he can only select one item from Table 3.2, which meal would he choose?b. A miracle pill is discovered that halves the negative health impact of cookies. How does this impact the diner’s choice?c. What effect does the miracle pill have on the diner’s health H? Interpret this result.Does this mean the diner would be better off without the miracle pill?d. If the diner is instead trying to maximize his lifetime utility and not just his single-period utility, how might your answer to Exercise 16(a) change? Is he likely to value Z or H more in the lifetime context than the single-period context? Explain your answer, and…
- Economics What does it mean to “vote with your dollar,” and how does this relate to Walras’s theory of General Equilibrium? Explain the relevant neoclassical assumptions for his model to work, and then give and support your opinion to the following question: are markets a good way to allocate resources?Using “The Evolution of Economic Thought” book by Randy R. Grant and Stanley L. Brue as reference, 1. How was the neoclassical school valid, useful or correct in its time? Give explanation 2. List all the major tenets of neoclassical school of economics. And please give an explanation.Which one of the following is the best example of someone acting according to the assumptions of the traditional neoclassical model? -Dori studies hard for her test so she can eventually land a great job. -Alenia buys groceries for her sick neighbor out of kindness. -Marc buys a pack of cigarettes out of habit. -Chip buys an exercise machine based on a TV ad, even though research has shown that the machine is ineffective.
- Using 'The Evolution of Economic Thought' book by Randy R. Grant and Stanley L. Brue as reference. 1. Which tenets of neoclassical school became lasting contributions?Why does the ceteris paribus assumption allow economists to focus on the variable they are interested in? Give an example.Identify and explain three differences between neoclassical economics economics and behavioral economics?
- Nutritional economics. Suppose we are considering a hungry individual in the Grossman model deciding what to have for dinner. His options are listed in Table 3.2. Each dish has an effect on the level of the home good Z and health H. a. Suppose the diner’s single-period utility function is as follows:U =3Z +HIf the diner is trying to maximize his single-period utility, and he can only select one item from Table 3.2, which meal would he choose? b. If the diner is instead trying to maximize his lifetime utility and not just his single period utility, how might your answer to Exercise 16(a) change? Is he likely to value Z or H more in the lifetime context than the single-period context? Explain your answer, and be sure to invoke the concept of a capital goodDiscuss the core notions of the market-friendly approach, one of the three ideological strands associated with neoclassical thought.The fundamental concept in behavioral economics is that due to psychological phenomena, individuals may behave in ways that were previously believed to be irrational according to classical economic theory. Choose T or F: a. True b. False