This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is meant by the present bias? What will be an ideal ... (Read 123 times)

stephzh

  • Hero Member
  • *****
  • Posts: 556
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Zebsrer

  • Sr. Member
  • ****
  • Posts: 284
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

  • Member
  • Posts: 556
Reply 2 on: Jun 29, 2018
Gracias!

billybob123

  • Member
  • Posts: 336
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Evolution of the Sun's luminosity, radius and effective temperature compared to the present Sun Evolution of the Sun's luminosity, radius and effective temperature compared to the present Sun
High rates of rural poverty have been a part of the United States from its origin to the present. ... High rates of rural poverty have been a part of the United States from its origin to the present. ...
Reconstructed West Front of the Altar from Pergamon (In Present-day Turkey) Reconstructed West Front of the Altar from Pergamon (In Present-day Turkey)
Student opening present Student opening present
Present Value Formula: Amortization Schedule Present Value Formula: Amortization Schedule
Opener Chiasmata present between synapsed homologs during the first meiotic prophase Opener Chiasmata present between synapsed homologs during the first meiotic prophase
Video: Oogenesis Animation

For a complete list of videos, visit our video library