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What does hyperbolic discounting lead consumers to prefer? Why is time consistency important in economic models?
What is the importance of the reference point in loss aversion? How does mental accounting affect individuals' consumption decisions?
How do economists attempt to account for altruism in economic models? What tends to happen to irrational or biased actors in the market system?
AJ pays full price to view Batman: The 20th Iteration at the multiplex. What behavioral bias has AJ fallen victim to? Explain.
What behavioral bias can explain the willingness of individuals to knowingly underfund their future standard of living? Explain.
What behavioral bias is stickk.com designed to help overcome? Why might allowing subscribers to direct their losses to a favorite charity weaken their resolve?
If your investors are a group of very conservative pessimists, which scheme can potentially generate the highest profit for you? Explain.
Discuss the interplay of the endowment effect and framing bias inherent in this problem.
What does traditional economic theory suggest the second player should be willing to accept?
According to traditional economic theory, what should the first player offer the second? Explain how such an offer might not be motivated by an innate sense?
How do you go about weighing the alternatives? Once you choose a most important use of time, why do you not spend all your time on it?
What is the average cost of a movie to Sarita? What is the marginal cost of an additional movie?
What are the benefits that citizens will likely receive if the bridge is built? What other factors might you consider in writing this editorial?
Write a paragraph about your company: what it produces, how many people it employs, and whatever else you can learn about the firm.
What nonmonetary costs might be associated with gambling? Would these costs have an impact on the efficiency argument you presented in part a?
Does this richest man in the world face scarcity, or does scarcity only affect those with more limited incomes and lower net worth?
For each of the following, describe some of the potential opportunity costs: Studying for your economics test and Spending 2 hours playing computer games.
Dr. Falk is a dentist who performs two basic procedures: filling cavities and whitening teeth. Why is anything puzzling about Falk's pricing pattern?
Once you have chosen a point on the ppf, you still need to decide how your society's production will be divided.
Why would there be a cost to you to attend the Cowboys' games during the 2010 season?
The price system was not allowed to work to ration the New York tickets when they were initially sold. How do you suppose the tickets were rationed?
Do you agree or disagree with each of the following statements? Briefly explain your answers and illustrate each with supply and demand curves.
As part of your answer, illustrate graphically the effects of both policies on the market for cigarettes.
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built.
Draw a diagram that illustrates the likely effect on the market for eggs. Indicate in each case the impact on equilibrium price and equilibrium quantity.