Answer:
Some people would be willing to make a large sacrifice in order to help a loved one = Consistent with the Predictions of Traditional Economic Models.
Some people choose to work fewer hours after receiving a raise at work = Consistent with the Predictions of Traditional Economic Models.
Some people prefer to spend an hour doing a task tomorrow to half an hour doing a task today, although the opportunity cost of their time is the same in both periods = Reserved for Behavioral Economics.
Some people treat $70 they earn differently from $70 they win from a lottery ticket = Reserved for Behavioral Economics.
Explanation:
The behaviors of people generally cannot completely be predicted. However, there are certain suggestions made on the behaviors of people by the traditional economic framework as well as the behavioral economists. These suggestions have been used by different professional to qualify the behaviors of people in a certain way (as illustrated in the answers above).
Answer:
It is imperative to let the customer who is in a hurry that, just like her, all the clients in the store want their orders to be processed the fastest possible but, she must respect the clients who came earlier than her so we can make sure everybody in the store is treated the same. It is not suitable to mention the customer that the store is understaffed since this may be a reason for them to start claiming why more employees are not being hired.
Answer:
Total revenue is the total amount of income that a firm obtains from selling goods or services. Average revenue is the average amount of income that a firm obtains for each unit of product , and marginal revenue is the extra amount of revenue that the firm obtains from the sale of one additional unit of product.
These three types of revenues have several relationships, for example, if total revenue increases more than total quantity, it means that marginal revenue is high. Another relationship is between marginal revenue and average revenue: when average revenue decreases, marginal revenue increases and viceversa.
Answer:
y = 7.678X + 357.614 ;
518.852 ; 526.53 ;
Week 78;
Explanation:
Given the data :
Week Number Week Number Week Number
1 370 7 415 13 450
2 380 8 425 14 455
3 390 9 435 15 475
4 380 10 425 16 485
5 390 11 435 17 495
6 395 12 445 18 505
The linear trend line for expected freight car loading obtained using a linear model calculator is :
y = 7.678X + 357.614
y = expected freight car loading
X = week
m = slope = 7.678 ;
c = intercept = 357.614
B.)
predicted loading for week 21:
X = 21
y = 7.678(21) + 357.614 = 518.852
Predicted loading for week 22:
y = 7.678(22) + 357.614 = 526.53
C.)
Week loading volume should exceed 950:
y = 950
950 = 7.678X + 357.614
950 - 357.614 = 7.678X
592.386 = 7.678X
X = 592.386 / 7.678
X = 77.153685
X = 78 (should exceed 950)