Reference no: EM133372754
Questions:
1.What is behavioral economics, and, please, explain why rational decision making has its limits
2.Please, describe some ways that bounded rationality affects decision making, and identify several ways to use behavioral economics to improve decision making
3.How could you use behavioral economics to increase the number of insured employees in your firm?
4.Please, describe the advantages of perfectly competitive markets. How could you explain Pareto optimal concept, no one can be made off without making someone worse off
5. Using the diagram "Price-Quantity Relationship", please, explain market failure, externalities, public goods, imperfect competition, and complete Ex. 16.8
Excercise 16.8
The supply of an antibiotic is Q = 30 × P - 200. The demand for it is Q = 8,800 - 20 × P.
a. What is the market equilibrium price and quantity?
b. Use of the antibiotic creates $20 in external costs due to water pollution. Would the market outcome be different if a $20 tax were levied on producers instead?
6. Please, describe the importance of regulation for managers and explain the interest group model of regulation
7. Let's talk about market responses to market imperfections, discussing alternative approaches to market failure
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