Which of the following sets of personal characteristics best reflects what behavioral economists?

Which of the following sets of personal characteristics best reflects what behavioral economists assume about how people make decisions? People have preferences that depend on context, avoid and are bad at computation, often give in to temptation, and are often selfless in their behavior.

When certain assumptions are used to create a model of reality its value can be tested and determined by?

Question: When Certain Assumptions Are Used To Create A Model Of Reality, Its Value Can Be Tested And Determined By (multiple Choice) Producing Data. Predicting Outcomes. Graphing Equations.

When certain assumptions are used to create an economic model the value of the model can be tested by its ability to?

Question: Progress You Are On Question 6 Of 11 When Certain Assumptions Are Used To Create An Economic Model, The Value Of The Model Can Be Tested By Its Ability To Predict Outcomes.

What are the factors of production group of answer choices?

The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

What are three types of elasticity?

We mentioned previously that elasticity measurements are divided into three main ranges: elastic, inelastic, and unitary, corresponding to different parts of a linear demand curve. Demand is described as elastic when the computed elasticity is greater than 1, indicating a high responsiveness to changes in price.

What factors would likely explain why Chevrolet cars are very elastic?

8. What factors would likely explain why Chevrolet cars are very elastic? Chevrolet cars would be very elastic because we don’t have to buy that brand of car – we have lots of substitutes.

How does time affect PED?

The longer the period of time, higher the price elasticity of demand. This is due to the fact that over a period of time, consumers get adjusted to change in prices or new prices.

What causes higher price elasticity?

Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.

When two demand curves intersect each other which one is more elastic?

If two demand curves intersect each other then the curve which is relatively flatter will have a higher price elasticity. This is because flatter the demand curve, greater is the change in demand due to change in price.

Which is more demand elastic at the point of intersection?

From a point of intersection of two demand curves, a flatter demand curve shows higher elasticity of demand.

Can demand curves intersect?

Yes, demand curve can intersect the x or y axis .