Some years ago, a McDonald's commercial claimed that its Big Mac had "Two all-beef patties, special sauce, lettuce, cheese, pickles, onions, on a sesame seed bun." Today, if older consumers hear "Two all-beef patties...," they frequently have an urge to complete the entire tagline out loud. Their behavior illustrates the perception principle of: ○ Exposure O Closure ○ Similarity ○ Attention Figure-ground
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- Anon is a graduate student at Lock Haven University studying human behavior. Three subjects, Felicity, Terrance, and Lola, listed their utility for pineapple and watermelon. Anon believes he will be able to tell which subject likes pineapple the most by referring to the levels of utility each one reported. His adviser, Dr. Util, tells him his research is flawed. Explain why Dr. Util feels this way.As we shall see in Chapter 15, a firm may sometimes seek to differentiate its product from those of its competitors in order to increase profits. In this problem we examine the possibility that such differentiation may be "spurious"- that is, more apparent than real and that such a possibil- ity may reduce the buyers' utility. To do so, assume that a consumer sets out to buy a flat screen television (y). Two brands are available. Utility provided by brand 1 is given by U(x, yı) = x + 500 ln(1 + y¡) (where x represents all other goods). This person believes brand 2 is a bit better and therefore provides utility of U(x, y2) = x + 600 In(1 + y2). Because this person only intends to buy one television, his or her purchase decision will determine which utility function prevails. a. Suppose p, = 1 and I = 1000, what is the maxi- mum price that this person will pay for each brand of television based on his or her beliefs about qual- ity? (Hint: When this person purchases a TV, either Y1 = 1,…You are in the market for a new couch and havefound two advertisements for the kind of couchyou want to buy. One seller notes in her ad that sheis selling because she is moving to a smaller apartment, and the couch won’t fit in the new space.The other seller says he is selling because the couchdoesn’t match his other furniture. Which seller doyou expect to buy from? Why? ( Hint: Think whowould be the more motivated seller.)
- Teachers at the local school have contacted the company We R' Write with a complaint. Teachers noticed that when We R' Write sold individual pencils, students made sure to take care of the pencils. However, when the company started selling larger packages of pencils, students started needlessly breaking their pencils, using them for purposes other than doing school work, or even just throwing them away. You have been provided with information regarding the quantity and total utility gained from students purchasing different numbers of pencils that is presented in Table 1 below. Table 2 provides information concerning pens, which will be used to answer the question in the third bullet below. Explain the law of diminishing marginal utility from the standpoint of economic theory as it applies to the situation described in the scenario. Explain what specifically We R' Write should understand about marginal utility as the quantity consumed increases that would explain why students…Suppose there are two agents Ahmet and Berk in an economy, and both consume two goods X and Y. Also assume that price of X is 2 YTL and Y is the numeraire good, thus price of Y is 1 YTL. Ahmet and Berk has the following utility functions:UAhmet (XA,YA)= 5ln(XA)+ln(YA)UBerk (XB,YB)= XB0,5 YB0,5a. Now assume that both X and Y are private goods. Write down the optimality condition for both agents. Then, write down the optimal level of X as a function of Y for both agents.b. Now assume that X is a public good, but Y is a private good. Write down the optimality condition for good X. Then, write down the optimal level of X as a function of Y for both agents.c. Now compare the consumption levels for X in parts a and b.Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously whether to take the blame or blame the other person. If they both blame the same person (both blame Morty or both blame Summer), the person they blame gets a small punishment and utility of -2, while the blameless person gets a utility of 0. Otherwise (if they both blame the other or both blame themselves), they both get a more severe punishment and a utility of -10.a. Draw the normal (matrix) form of this game, with Morty choosing the row and Summer choosing the column. Does either Morty or Summer have a dominant strategy? Explain your answer. Note: only Morty and Summerare players in this Game. Rick designed the game and is not a player. b. Find all Nash equilibria of this game. c. Suppose instead there are three suspects: Morty, Summer, and Jerry. Otherwise, the rules are the same as before. Draw the normal (matrix) form of the game. Hint: draw three matrices, with Morty choosing the…
- Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously whether to take the blame or blame the other person. If they both blame the same person (both blame Morty or both blame Summer), the person they blame gets a small punishment and utility of -2, while the blameless person gets a utility of 0. Otherwise (if they both blame the other or both blame themselves), they both get a more severe punishment and a utility of -10.Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously whether to take the blame or blame the other person. If they both blame the same person (both blame Morty or both blame Summer), the person they blame gets a small punishment and utility of -2, while the blameless person gets a utility of 0. Otherwise (if they both blame the other or both blame themselves), they both get a more severe punishment and a utility of -10. a.Draw the normal (matrix) form of this game, with Morty choosing the row and Summer choosing the column. Does either Morty or Summer have a dominant strategy? Explain your answer. Note: only Morty and Summer are players in this Game. Rick designed the game and is not a player. b.Find all Nash equilibria of this game. c.Suppose instead there are three suspects: Morty, Summer, and Jerry. Otherwise, the rules are the same as before. Draw the normal (matrix) form of the game. d.Find all Nash equilibria of the three-player…Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously whether to take the blame or blame the other person. If they both blame the same person (both blame Morty or both blame Summer), the person they blame gets a small punishment and utility of -2, while the blameless person gets a utility of 0. Otherwise (if they both blame the other or both blame themselves), they both get a more severe punishment and a utility of -10. Suppose instead there are three suspects: Morty, Summer, and Jerry. Otherwise, the rules are the same as before. Draw the normal (matrix) form of the game. Hint: draw three matrices, with Morty choosing the row, Summer choosing the column, and Jerry choosing between the three matrices
- When trying to assess differences in her customers, Claire—the owner of Claire’s Rose Boutique—noticed a difference between the typical demand of her female versus her male customers. In particular, she found her female customers to be more price sensitive in general. After conducting some sales analysis, she determined that her female customers have the following demand curve for roses: QF = 24 − 2P. Here, QF is the quantity of roses demanded by a female customer and P is the price charged per rose. She determined that her male customers have the following demand curve for roses: QM = 27 − P. Here, QM is the quantity of roses demanded by a male customer. If two unaffiliated customers walk into her boutique, one male and one female, determine the demand curve for these two customers combined (i.e., what is their aggregate demand?).At Duke University, tickets for the men’s basketball team are highly coveted. The student fans known as the “Cameron Crazies” often camp outside the basketball arena for days leading up to the season’s start in hopes of earning the right to buy tickets. Almost every year, the Duke basketball teamis invited to play in the NCAA Basketball Tournament, the winner of which is crowned the champion of US college basketball. Tickets for this event are even harder to get. Students who want tickets sign up for a “lottery” and only some are randomly chosen to win the chance of purchasing tickets to the tournament. After the lottery one year, Carmon and Ariely (2000) asked those who won the right to buy a ticket the lowest possible price at which they would be willing to sell their ticket. For those who did not win, the researchers asked the highest possible price they would be willing to pay for a ticket. These results are reproduced in Tablea. Given the results in Table, are any of the lottery…The New York Subway Bakery is famous for selling large "black and white cookies." The top of each cookie has one-half chocolate icing and one-half vanilla icing. Mario, the baker, bakes at night after the customers leave. Mario wants to bake two hundred fifty black and white cookies. Mario has thirteen pounds of sugar. there are approximately eleven cups of sugar in a pound. Mario needs three cups of sugar for each batch of black and white cookies. Each batch of cookies dough makes five large black and white cookies. Does Mario have enough sugar to bake two hundred fifty black and white cookies? How many whole batches of black and white cookies can Mario bake? Mario has five dozen cookie boxes. Each cookie box holds four black and white cookies. How many cookies boxes does Mario use to package the black and white cookies he bakes? Between what two whole numbers are the total black and white cookies boxes Mario uses? Mario charges twenty-seven dollars and eighty-five cents per box of…
