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a. As the price of theater tickets rises, what happens to the quantity of tickets that people are willing to buy? Explain your answer.
Where is a price ceiling with respect to equilibrium price? What will be the relative size of quantity demanded and quantity supplied?
Practical Application: How would the abolition of rent control reduce the housing shortage in some cities? Explain in terms of supply and demand.
Practical Application: Urban highways are usually very congested during morning. What simple step could be taken to greatly reduce congestion?
What inferior goods do you buy? Would you continue to buy them if your income doubled?
Explain how the price of a good you buy is affected by changes in the prices of (a) substitute goods; (b) complementary goods.
Behavioral economics seems to suggest that the longterm self rather than the short-term self is rational. How do we know that?
What assumptions are necessary for the saving program to be a true nudge? Are they reasonable assumptions?
How is conspicuous consumption an example of the importance of relative materialism to one's happiness? How might conspicuous consumption lower total happiness?
What distinguishes a nudge from a push? Why would push instead of nudge policies be required?
What are three types of choices in which nudges are useful? Why is a nudge useful for choices where benefits and costs are separated by time?
According to studies, which person is more likely to participate? Or are they equally likely to participate? Explain your answer.
What is a nudge policy? Give an example. How can a nudge be defined as libertarian? In what way is nudge policy paternalistic?
What is the primary task of a mechanism design economist? How did mechanism design lead to behavioral economics?
What is a coordination mechanism? Give an example. What is the incentive compatibility problem? Give an example.
Why might a student choose the first option? Why might a student choose the second option? Which is the rational choice?
What might an economist do if he cannot solve a model analytically? (Give up is not an option.)
How is exam an example of predictably irrational behavior?
If modern economics focuses on empirical models, does that mean that those aspects of life that cannot be quantified are shortchanged?
How might that description be related to the economist's modeling approach?
How might modeling itself frame an economist's analysis, making the economist unable to see basic truths about the way in which society subjugates women?
What is an agent-based computational model? Why is out-of-sample data important for testing inductive models?
Why do economists rely more on empirical evidence today than they did 100 years ago? What does it mean to let the data speak?
Why might government intervention make sense in a model of path-dependency but not a supply/demand model?
What is a heuristic model? Can a heuristic model be traditional? Why or why not?