QUESTION 19
If I predict that dinner at a restaurant is going to cost me $22.35, what is that an example of?
over-optimism |
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over-confidence |
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over-precision |
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over-eating |
QUESTION 20
If people have rational expectations, they
are correct at least 50% of the time |
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do not make systematic and correctable errors in predictions |
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sometimes overestimate, but never underestimate, economic variables |
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revise their expectations upward when their predictions are too low |
QUESTION 21
If the firm's marginal cost is $10 and in the short run capital is fixed, with wages for workers at $40 per hour, what must the worker's marginal product per hour be?
$10 |
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$40 |
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4 |
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400 |
QUESTION 22
If the Marginal Product of capital is 6 and the Marginal Product of labor is 3; the prices of capital and labor are $10 and $2 respectively. What should the manager do?
Increase output |
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Substitute in more labor for less capital |
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Pay workers less |
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Substitute in more capital for less labor |
19. Over-precision
Explanation: In over-precision, one attempts to predict future too accurately.
20. Do not make systematic and correctable errors in predictions
Explanation: In rational expectations, people avoid making past mistakes.
QUESTION 19 If I predict that dinner at a restaurant is going to cost me $22.35, what is that an example of? ove...
please answer all 3 Question Completion Status: If the firm's marginal cost is $10 and in the short run capital is fixed, with wages for workers at $40 per hour what must the worker's marginal product per hour bel 510 540 400 If the Marginal Product of capital is 6 and the Marginal Product of laboris 3; the prices of capital and labor are 510 and 12 respectively. What should the manager do Increase output Substitute in more labor for...
QUESTION 21 If the firm's marginal cost is $10 and in the short run capital is fixed, with wages for workers at $40 per hour, what must the worker's marginal product per hour be? $10 $40 4 400
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