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bagirrra123 [75]
3 years ago
14

Behavioral economistsLOADING... attribute some consumer behavior to the endowment effect. Which of the following is an example o

f the endowment​ effect? An example of the endowment effect is A. being willing to will your descendents a househouse upon your death that you otherwise could have sold for a substantial price. B. buying lottery tickets with an expected value that is less than their price. C. being unwilling to sell a carcar that you already own. D. being unwilling to sell a paintingpainting for a price that is greater than the price you would be willing to pay to buy the paintingpainting if you​ didn't already own it. E. taking into account nonmonetary opportunity costs such as the value of your time.
Business
1 answer:
mestny [16]3 years ago
6 0

Answer:  Option C

Explanation: As per the subject matter of behavioral economics, endowment effect refers top the phenomenon under which it is assumed that a rational individual will retain a commodity he or she already owns rather than acquiring the same commodity if he do not own it.

Hence from the above we can conclude that correct option is C as it states that one will not sell a painting even though at a price that the holder would pay to purchase it himself.  

   

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True or false: short-term fluctuations in real gdp are irregular and unpredictable.
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True!
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A benefit that is sought by an interest group and that once achieved cannot be denied to nonmembers is called a:
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<span>A benefit that is sought by an interest group and that once achieved cannot be denied to nonmembers is called a free rider. The free rider problem is created from market failure because people take advantage of being able to use common resources or collective goods without being able to pay for </span>them. 
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Koontz Company uses the perpetual inventory method. On January 1, Year 1, the company’s first day of operations, Koontz purchase
Artist 52 [7]

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$ 8,970

Explanation:

8 0
2 years ago
Two types of cars (Deluxe and Limited) were produced by a car manufacturer last year. Quantities sold, price per unit, and labor
frez [133]

Answer and Explanation:

Labor Productivity in Units per hour

Labor Hours Productivity(In units) =  Total Output / Input hours

For Deluxe Cars =  5,000 units / 21,250 hours = 0.24 units per hour (approx)

For Limited Cars =  6,250 units / 29,950 hours = 0.21  units per hour (approx)

Labor Productivity in dollars

Labor Hours Productivity(In dollars) =  Total Output in dollar / (Input hours x rates)

For Deluxe Cars =  (5,000 units x $8,500) / (21,250 hours x $13) = $42,500,000 / $276,250 = $153.84 per unit

For Limited Cars =  (6,250 units x $10,100) / (29,950 hours x $15) = $63,125,000 / $499,250 = $126.44 per unit

7 0
3 years ago
​Zane's Vanes is a service that restores old weather vanes. Zane has just spent​ $125 purchasing a​ 1920s-era weather vane which
VladimirAG [237]

Answer:

The marginal benefit from selling the vane without restoring it is $200.

Explanation:

Marginal benefits are the extra income a company can get from selling one additional unit of production.

Zane had already spent $250 in purchasing the vane and the restoration process.

Zane has two options:

  1. Sell the vane as it is for $200.
  2. Keep restoring the vane, spend $200 more and sell the vane for $500.

If Zane decides to sell the vane as it is, his marginal benefit will be $200. That would not be enough to cover his costs, this transaction will result in a $50 loss.

If Zane decides to continue the restoration, then his marginal costs will be $200 extra, but his marginal benefit would be $500. If he chose this option he could end up earning a $50 profit.

8 0
3 years ago
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