Why do you think rational self-interest is not always the dominating factor?

Q: What is conspicuous consumption?

A: Conspicuous consumption is a practice of of purchasing goods and services with the aim of displaying…

Q: What are some deficiencies of the capitalist model?

A: Capitalism governs most of modern Western life. Private property, private ownership of the factors…

Q: What is cultural deviance theory?

A: In an economy, discrimination among the people can be done on various ways and in different fields…

Q: How do you solve for the Nash equilibrium

A: Nash equilibrium- It is a concept of the game theory which determines the optimal solution in a…

Q: The narrator in the Planet Money Video poses this question: Is our shirt providing opportunities for…

A: A Dependency Theorist would likely argue that the global economic system, including the production…

Q: What is ability bias, example

A: Economics is a theory of choice and decisions making process of the people.

Q: Draw graphs to show "People respond to incentives and disincentives" in relation to the demand curve…

A: The demand curve represents the quantity demanded for a good at different prices keeping other…

Q: Economic agents (for example, consumers or firms) often do things that at first glance seem to be…

A: The deviations from Nash predictions, where economic agents act in ways seemingly inconsistent with…

Q: What do you understand by the following terms:                  - Bounded rationality…

A: Bounded Rationality - Individuals are considered to be rational when making decisions, however,…

Q: What are transaction costs? How does opportunistic behavior tend to increase transaction cost?

A: Cost: It refers to the goods and services price that is charged by the producer. The more the cost…

Q: Why do economic agents always respond to incentives

A: Why do economic agents always respond to incentives? Answer: Positive incentives are those rewards…

Q: By means of two examples,explain the principle that economic agents take decisions at the margin

A: Thinking at the margin means comparing the opportunity costs and the benefits derived from it.

Q: What are some examples of loss aversion in everyday life? (i.e how do we experience loss aversion…

A: The loss aversion would result in the avoiding loss which from an uncertain activity. The loss…

Q: What is Nash equilibrium? Give Example.

A: Nash Equilibrium is named and developed after the name John Nash an American mathematician who…

Q: What is the difference between consummatorymotives and instrumental motives?

A: Motives refer to the reasons that acts as the purpose of doing a task. The motive helps the…

Q: How would you use a partial equilibrium to prove a bubble is possible?

A: Partial equilibrium can be defined as a condition of economic equilibrium which mulls over just a…

Q: The international terror campaign being waged by Al Qaeda has an underlying economic motive. T or F?

A: Terrorism is defined as the use of violence and fear to achieve an ideological goal in its broadest…

Q: Peer pressure is an important influence on the behavior of youngsters. For instance, many preteens…

A: The peer pressure is defined influence that has been created on an individual or a group of people…

Q: How does the implementation of behavioral economics principles influence the success of fundraising…

A: Behavioral economics is a field of study in economics that looks at the psychological, social, and…

Q: Using game theory, explain why a park in a neighborhood with many long time residents is usually…

A: Game theory usually helps in analyse how the individuals react in certain situations, given the…

Q: Describe what economic incentives are

A: Economic incentives are financial motivations that influence the behavior of individuals,…

Q: Banks do not take steps to increase security since they believe it is less costly to allow some bank…

A: Incentive refers to the monetary push an individual receives to do something which helps increase…

Q: Is it better to have a high or low dependency ratio?

A: A dependency ratio is a ratio that measures the age-population aged between 0-14 and above 65 that…

Q: Banks do not take steps to increase security since they believe it is less costly to allow some bank…

A: The financial incentive that motivates someone to take action increases both their benefit and the…

Q: Is communicative action a necessary part of strategic planning? Argue in a four-point.

A: There is no doubt that communicative action is a necessary part of strategic planning. Following are…

Q: What is the difference between macroeconomics and microeconomics? And where would game theory fall…

A: 1) Macroeconomics:Macroeconomics encompasses the field of economics that focuses on the…

Q: Economics Consider the ultimatum and dictator games. a) Briefly explain the general experimental…

A: "As per our policy, we can provide solution to the first three subparts. Kindly raise the question…

Q: What is the Nash Equilibrium in a game? A. A situation where all players cooperate for maximum gain…

A: The Nash Equilibrium, named after mathematician John Nash, is a fundamental idea in the field of…

Q: Why is collusion or coordination (such as cartels) not prevalent in the United States and other…

A: The collusion or coordination in the market is illegal under the antitrust law in the united states…

Q: How do you think a centrally planned economy versus a market economy would perform under each…

A: Economy is the system where people earn their livelihood. And there are mainly three types of…

Q: From your own understanding on the concept of “Game Theory”, what can you conclude about the…

A: Game theory is a framework for thinking about social events with competing actors.Game theory is, in…