Why is market definition important for economic decision making?

Q: What does the rise of alternative products like Puff Bar tell you about the overall role of market…

A: Electronic cigarettes (e-cigarettes) extend the market to smoking as well as non-smoking men, women,…

Q: What is conspicuous consumption?

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

Q: re prices change people's behavior in efficient manners?

A: Consumer behavior: It is a process to study the behavior of a consumer or an individual which shows…

Q: In economics, what is an example of selection?

A: Economics refers to one of the branch of social studies which focuses on the living of people on the…

Q: How is willingness to pay determined by opportunity cost?

A: Opportunity cost refers to the cost by which an individual uses something and sacrifices the other…

Q: How does subjective value make "gains from trade" possible?

A: The subjective value can be considered to be as the significance a singular provides for a decent,…

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: Which of the following would be the least likely thing an economist would study?          What new…

A: Economists are experts who study the production, distribution, and consumption of goods and services…

Q: Explain what consumer welfare in economics means

A: Economics deals with allocation of limited resources to maximise the welfare in the economy. It also…

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: why is competition good for the consumer from an economics perspective

A: We know that firms in a perfectly competitive market produce the socially optimum quantity of output…

Q: Explain the decision-making of economic agents (graphically and mathematically).

A: Economic agents are nothing but the players the impact and get impacted by the economic events .…

Q: Why is economics often described as the science of constrained choice?

A: The economics is the science which deals with the allocation of these limited resources to satisfy…

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: How does drug addiction affects microeconomics?

A: Microeconomics is one of the major branches of economic which is concerned with the study of…

Q: What are the human behaviors economists should observe when creating economic models?

A: The human behaviours that must be taken into account while developing an economic model depend on…

Q: What is Pareto Improvement and Fairness in economic?

A: In economics, efficiency is maximum when there is pareto optimality.

Q: what are some keypoints about behavioral economics?

A: Behavioral economics is the study of psychology as it deals with the economic decision-making…

Q: Describe what economic incentives are

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

Q: Joab and his friends used to play a game where they put on a dog's electric fence collar and tried…

A: Economics is a branch of science which deals with the production, distribution, and consumption of…

Q: Discuss cost-plus pricing model in a market economy

A: Cost-plus pricing is a pricing strategy used by businesses in a market economic system to decide the…

Q: How does subjective value make “gains from trade” possible?

A: Subjective value is the importance an individual gives to a good, this value which he places is not…

Q: Why is the equality between the marginal benefit and marginal cost of an action an equilibrium…

A: Marginal benefit and marginal cost are two different concepts.  Marginal benefit is the amount the…

Q: True or false? Basic economic concepts can be used to understand the pricing of products.

A: Goods and services are produced by bring together various factors of production. These factors of…

Q: What does rationalism mean within the context of political economy?

A: Political economy refers to the branch of social sciences that studies the interrelationships among…

Q: How does the principle of duality influence decision-making in economics?

A: Duality signifies the connection that exists between the quantity and price that takes place as a…

Q: What is difference between Pareto Efficiency and Pareto Optimality?

A: Pareto Efficiency is making best use of available limited resources as per the tastes and budget of…

Q: Consider the theater in which a Broadway play is performed. If tickets for all seats are the same…

A: Scarcity: The scarcity refers to the limited availability of resources than the required level.

Q: Herbert Simon, the Novel Prize-winning economist, described the rational model of decision-making in…

A: The model of Herbert Simon is a decision making model. According to this model, the decision making…

Q: Discuss value-based pricing in a market economy

A: A market economy, also called a free-market economy or capitalist economy, is an economic system…

Q: Write down the merits of deductive method of economics? 300 words

A: