e typing answer with explanation and conclusion Consider a good or service where consumers pay more than its actual valuation (for eg, products with markup prices at retail significantly higher than their cost: greetings cards, bottled water, stock price, movie theatre popcorn/candy). Based on the irrational decision-making and marginal analysis, explain why such irrational decision-making could take place in this situation.

Martha spends 5 hours of free time exercising and playing music per day.  The table below represents the level of utility she receives from the various combinations of exercise and music activities.  For instance, if she only plays music, her total utility from exercise will be 0, and the utility from music will be 50.  If she exercises for 1 hour, she will receive a level of utility of 25. Utility is measured in ‘utils’; those numbers are arbitrary and designed to quantify the benefits received from various actions. Utility for Exercise Utility from Music 0 utils from 0 hours of exercise 50 utils from 5 hours of music 25 utils for 1 hours of exercise 45 utils from 4 hours of music 40 35 45 20 50 0 Marginal analysis will help Martha in her decision making regarding how to spend her free time because ... All answers are correct.   She will realize which activity is more important to her.   She will be able to find the combination of music and exercise which gives…

Whether a certain criterion is determinant or not is independent of the situation in which a product is consumed. True False   In the context of disposing of consumer refuse, recycling cuts down on garbage while providing raw materials for other new products. True False   Which of the following is a fundamental emotion evoked by positive, anticipatory appraisals that signal uncertainty about a positive outcome?   a. Hope   b. Confusion   c. Surprise   d. Pride     Which of the following best describes chronic, repetitive purchasing behaviors that are in response to negative events or feelings?   a. Addictive consumption   b. Impulsive purchasing   c. Window shopping   d. Compulsive buying       Retaliatory revenge is when a consumer yells insults and makes a public scene in an effort to harm the business. True False

Augi carefully plans out an early morning exercise routine to lose weight and get fit. When it's time to work out, however, Augi just "does to sleep in. Behavioral economics would say that Augi weighed the costs and benefits and made a rational economic decision to sleep in. used System 1 of her brain to formulate her workout plan, but then gave in to System 2 when she chose to sleep in. used System 2 of her brain to formulate her workout plan, but then gave in to System 1 when she chose to sleep in. is fundamentally lazy and incapable of sticking to a workout plan.

Nikki decided to jog 3 miles for exercise by reasoning that a 3-mile jog was better than either a 2-mile jog or a 4-mile jog OA. Neither type of optimization, since she is not considering the total benefits of alternatives. OB. Optimization using total value, since she is comparing the net benefits between alternatives. OC. Both types of optimization, since she is considering the net benefits of alternatives. 4 OD. Optimization using marginal analysis, since she is calculating the difference in net benefits between alternatives. OE. Optimization using total value, since she is making marginal comparisons.

3. Suppose Paul, a 3rd grader, has the following utility function over his lunch of Twinkles (t) and soda (s), utility = U(t, s) = √√ts (a) If Twinkles cost $0.10 cach and soda costs $0.25 per can, how must Paul spend the $1.00 from his parents in order to maximize his utility?

BUS202-80-81 FA20-Meta: Micro Economics / October 19 - October 25 / Chapter 6 Lecture Ch06-16 S13 4:28 Doughnuts =$2.00 and Books = $24 %3D BUS202 Ch06 v2 16 Budget Constraints, Utility, and Indifference Curves: Doughnuts =$2.00 and Books = $24 120 2. 120) 100 F (5. 100) B (3, 84) H (3, 70) GO Uh G (G, 40) 40 Um 20 UI 10 12 Books What Is the specification of the Budget Constralnt? Where Is Consumer Equilibrlum? ► ) 2:48 / 4:28 YouTube E3 CC Cs Question 14 66. In the video, which market basket is the utility maximizing choice for the consumer? us Not complete Thkg Select one: Points out of 1.00 а. F P Flag b. A question С. G O d. B Check MacBook Pro 2.

Suppose that you observe that total utility rises as more of an item is consumed You can say for sure that marginal utility is Marginal utility is also

True or false.  Maximizing choices occur when combinations of two goods are made such that they are affordable and achieve the highest indifference curve (i.e. the highest utility).

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