Suppose 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?

Q: What are the benefits of considering the economic decisions?

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: I need help in solving this question because I'm not sure it's right?

A: The United State federal government passed the American Recovery and Reinvestment Act in 2009 was to…

Q: you find your opinion leaning towards traditional or behavioral economic beliefs?

A: Answer in step 2

Q: What is the term for something lost when an economic choice is made? captial Relative cost Tarriff…

A: The economics is study of scarce resources and its alternative uses. The problem of allocation…

Q: Answers are A and B, D and E, E and F, F and H, or H and I

A: The indifference curve depicts the combination of two goods that derives the same level of utility…

Q: Discuss what markets are?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: Are options b through h correct or incorrect?

A: The question is asking about the possible reasons for which imports can be limited. Different…

Q: How would an economist define the efficient amount of time studying?

A: Marginal cost (MC): The marginal cost refers to the amount of additional costs incurred in the…

Q: you must make decision for one choice, could you discuss what economic principles or concepts that…

A: Consumers' preferences of goods and services are at the heart of economics. Market forces decide the…

Q: Rational decision making requires that

A: Rational decision making requires what :

Q: Does the decision you choose turned out to be effective?how?

A: Effective decision : It is defined here as the process through which alternatives are selected and…

Q: How does change in price affect CONSUMER OPPORTUNITIES?

A: Microeconomics refers to the branch of economics that is concerned with a single factor and affects…

Q: Blair has vast riches and consumes thousands of dollars' worth of consumer goods each week, yet she…

A: It is a common phenomenon that the people with vast rich is also not satisfied with the consumption…

Q: What would be the solution for this one?

A: Price elasticity of demand measures how responsive the quantity demanded is towards the changes in…

Q: Goods that can be used to replace one another are called What?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: How can you describe the “self” as cognitive construct?

A: The individuals in each society have a different kind of mindset. The individuals behave…

Q: A tradeoff is illustrated by?

A: A trade off is the opportunity cost of a good. In other words, it is the next best alternative that…

Q: Should grades in an economics class be rationed according to the dollar price instead of how well…

A: Economics refer to the study of scarce resources in the presence of unlimited wants of people. The…

Q: On what are the Economic decisions based?

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: A student decision about how to allocate his time between studying two subjects ?

A: A student is an individual.

Q: Think back to a purchase that you made recently. How  would you describe your thinking before you…

A: Individual’s should make decisions based on rational calculations to achieve the potential outcome.

Q: Are options b through e correct or incorrect?

A: A price ceiling is the commanded most extreme amount a dealer is permitted to charge for a product.…

Q: Economics helps managers understand goal-oriented decision making.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: If you can prevent someone from consuming a good, that good is called

A: If a good is prevented from its consumption, then it is an example of a private good.

Q: According to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the…

A: Richard Thaler was an American economist who won the Nobel Prize in Economics in 2017 for his…

Q: Based on these data, describe the relevant relationship between the price of a hamburger and the…

A: Law of demand: It shows the inverse or negative relationship between quantity demanded and the…

Q: There are principles of Hygiene and principles of Charity in Islamic consumption. What is the…

A: In the production process, the conditions and fluctuations that happen between demand and also the…

Q: Which statement of the following is true ?

A: The cost functions like AC,TC,AVC,AFC depicts the functional relationship between output and…

Q: What makes Economic Decisions different from other Design Decisions?

A: The engineering economic decisions are investment decisions that are related to engineering…

Q: Choose the best answer from the options below: If you and your friend take turns making decisions…

A: Here, it is given that two friends are making decision by taking turn on which movie to watch and in…

Q: world is gradually turning into a cashless world.   To what extent will a cashless lifestyle…

A: Yes. Many of the economies are turning towards digital cash. This solves majority of the problems…

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

Q: Describe the Rational Decision making Process?

A: Rational decision-making is a multi-stage process in which alternatives are selected. The objective…

Q: Do consumers always make rational consumer decisions when buying economic goods?

A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…

Q: What makes comsumers to take choices

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: How is the Rational decision making a complex process?

A: Rational decision making is a multi-step process used for making bets decision or choice when…

Q: What does it mean to think like an economist?

A: Economist think by considering relevant facts about an economy.Different factors such as…

Q: What are the benefits of The Rational Decision-Making Process?

A: The process of rational decision making is used to make choices among the alternatives. Under this…

Q: What examples do you have of goods or services that are both consumer goods and resources depending…

A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…

Q: What is the story for this question?

A: The effects of a shock involving a fall in money supply can be well explained using the IS-LM…

Q: What is choice on economic

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: Advantages of market economy

A: A market economy  in which the forces of supply and demand generate price signals that drive…