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Author Question: What is meant by the present bias? What will be an ideal ... (Read 121 times)

stephzh

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on: Jun 29, 2018
What is meant by the present bias?
 
  What will be an ideal response?

Question 2

Refer to Table 6-2. Assume that an economist has estimated the price elasticity of demand values in the table above. Use the data in the table to select the correct statement.
 
  A) The difference in elasticity values is explained by the fact that the more narrowly we define a market the more elastic the demand will be.
  B) There are fewer substitutes for All carbonated soft drinks than there are for All soft drinks.
  C) The elasticity for All soft drinks is less than the elasticity for Coca-Cola because Coca-Cola is more of a luxury than a necessity; All soft drinks represent goods that are more necessity than luxury.
  D) The demand for Coca-Cola is inelastic.


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Zebsrer

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The present bias suggests that today is more important than the future. The weight you put on tomorrow is the same as the weight you put on the day after tomorrow. For you, all of the future days are roughly alike. It is today that is most important.

Answer to Question 2

A


stephzh

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

TheDev123

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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