<span>A behavioral economist is of the mindset that people make errors, and that those errors happen repeatedly throughout time. This is a systematic form of error. A behavioral economist might think that people are driven to things that tempt them, and might argue that people can be reckless in that sense. They would view people as wanting products that vary and cannot easily be determined based on data.</span>
Answer: wandered aimlessly
Explanation: They are teens. Teens are impatient, and will must likely be moving around waiting anxiously for the gates to open.
The profit margin is the difference between the price charged for a good or service and the cost of producing it. Therefore it constitutes the profit for the producer.
<u>Two strategies can be followed to increase profit margins</u>
- Lower average production costs: if the company is able to increase the efficiency of its production processes (for example, by introducing new organizatives techniques) it will be able to produce more units with the same amount of resources. Then the cost per unit produced decreases, and the company will earn a higher margin if continues charging the same price.
- Product differentiation. The company introduces modifications in the product so that the perception that consumers have of it improves, and therefore consumers would be willing to pay a slighty higher price for purchasing that particular brand. If such modifications do not entail a larger increase in the cost per unit produced than the size of the price increase, then the firm will be able to increase its profit margins with this strategy.
What is the SECRET to football BETTING??
