EBK MICROECONOMICS
2nd Edition
ISBN: 9780134458496
Author: List
Publisher: VST
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 6Q
To determine
Relevance of the proverb, “Anything worth doing is worth doing well” for an economist.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
How would an economist define the efficient amount of time studying?
What does it mean to think like an economist?
According to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the other part?
Knowledge Booster
Similar questions
- Economist Richard Thaler describes economics as the sum of two parts. What are these two parts?arrow_forwardEconomist Paul Heyne wrote a famous economic principles textbook entitled The Economic Way of Thinking. Based on your studies and reading from Module 1, write a short essay outlining what you understand to be “the economic way of thinking”? What are the key principles and tenets that any educated person should know regarding the science of economics and their applicability in the world today?arrow_forwardWhat good is economic theory if it can't predict the behavior of a specific individual?arrow_forward
- What good is economic theory if it cannot predict the behavior of a specific individual?arrow_forwardWhy will economics never be an exact science? No sciences are exact. It studies the actions of people, and human behavior is very hard to predict. You may not conduct experiments on people. It is a physical science, and physical sciences are usually not exact.arrow_forwardThere are three thing that economist study about, what are they? Explain!arrow_forward
- Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost outweighed the benefit).arrow_forwardSuppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?arrow_forwardHerbert Simon, the Novel Prize-winning economist, described the rational model of decision-making in what way?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co