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Macroeconomics 9th Edition by David Colander
النسخة 9الرقم المعياري الدولي: 978-0077501860Macroeconomics 9th Edition by David Colander
النسخة 9الرقم المعياري الدولي: 978-0077501860 تمرين 2
The text book model assumes that individuals have enough knowledge to follow the economic decision rule.
a. How did you decide what college you would attend
b. Did you have enough knowledge to follow the economic decision rule
c. For what type of decisions do you not use the economic decision rule!
d. What are the implications for economic analysis if most people don't follow the economic decision rule in many aspects of their decisions (Post-Keynesian)
a. How did you decide what college you would attend
b. Did you have enough knowledge to follow the economic decision rule
c. For what type of decisions do you not use the economic decision rule!
d. What are the implications for economic analysis if most people don't follow the economic decision rule in many aspects of their decisions (Post-Keynesian)
التوضيح
موثّق
موثّق
(a) A decision can be made on the basis of fees (cost) that have to be paid and the placement facilities (benefit) provided by the college. Also consider the opportunity cost of attending that particular college. Opportunity cost is the cost of the next best alternatives.
Hence, a decision can be made on the basis of the cost and benefit of attending college.
(b) There is knowledge to follow economic decision rule. The economic decision rule is about considering marginal cost and marginal benefit. According to the economic decision rule, if the marginal benefit exceeds the marginal cost, then we should take the economic decision. If the marginal benefit is less than marginal cost, then we should not take that economic decision.
The economic decision rule plays a vital role in the process of taking proper economic decisions. Knowledge of marginal cost and marginal benefit is required to follow economic decision rule.
(c) Do not use the economic decision rule regarding emotional decisions, social welfare decisions, and decisions regarding health. If a decision is concerned with the emotions, then do not use the economic decision rule. For example, the economic decision rule cannot be applied while going out on a date.
So, the economic decision rule cannot be used when making decisions regarding emotions, social welfare, and health.
(d) If most people do not follow the economic decision rule, then there is a possibility that their decisions will lead them to loss. An accurate economic analysis is not possible if people do not follow the economic decision rule.
The economic decision rule is based on marginal cost and marginal benefit. It helps people decide whether to make the decision or not.
According to the economic decision rule, if the marginal benefit is more than its marginal cost, then the people should take the decision. If the cost exceeds the benefit, then they should not take the decision. When making any economic decision, it is essential to consider costs and benefits. If costs and benefits are not taken it to account, then decisions may lead to a loss.
Hence, if people do not follow the economic decision rule in many aspects of their decisions, then economic analysis would be unacceptable.
Hence, a decision can be made on the basis of the cost and benefit of attending college.
(b) There is knowledge to follow economic decision rule. The economic decision rule is about considering marginal cost and marginal benefit. According to the economic decision rule, if the marginal benefit exceeds the marginal cost, then we should take the economic decision. If the marginal benefit is less than marginal cost, then we should not take that economic decision.
The economic decision rule plays a vital role in the process of taking proper economic decisions. Knowledge of marginal cost and marginal benefit is required to follow economic decision rule.
(c) Do not use the economic decision rule regarding emotional decisions, social welfare decisions, and decisions regarding health. If a decision is concerned with the emotions, then do not use the economic decision rule. For example, the economic decision rule cannot be applied while going out on a date.
So, the economic decision rule cannot be used when making decisions regarding emotions, social welfare, and health.
(d) If most people do not follow the economic decision rule, then there is a possibility that their decisions will lead them to loss. An accurate economic analysis is not possible if people do not follow the economic decision rule.
The economic decision rule is based on marginal cost and marginal benefit. It helps people decide whether to make the decision or not.
According to the economic decision rule, if the marginal benefit is more than its marginal cost, then the people should take the decision. If the cost exceeds the benefit, then they should not take the decision. When making any economic decision, it is essential to consider costs and benefits. If costs and benefits are not taken it to account, then decisions may lead to a loss.
Hence, if people do not follow the economic decision rule in many aspects of their decisions, then economic analysis would be unacceptable.
Macroeconomics 9th Edition by David Colander
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