Question

#1 PLEASE RESPOND IN 150 OR MORE WORDS EACH. THANK YOU

How can time be incorporated into the theory of consumer behavior? Explain the following comment: "want to make millions of dollars? Devise a product that saves Americans lots of time".

#2

In what ways is criminal behavior similar to consumer behavior? Why do most people obtain goods via legal behavior as opposed to illegal behavior? What are society's main option for reducing illegal behavior?

#3

Critique the following statement:

"The problem with our democratic institutions is that they don't correctly reflect the will of the people! If the people - rather than self-interested politicians or lobbyists - had control, we wouldn't have to worry about government taking actions that don't maximize allocative and productive efficiency.

Note, a critique is an evaluation of what was said. I want you to critique the thinking behind this particular statement. Tell my why it is or isn't a logical or rational argument. This is meant to be an argumentative essay where you state your position and then defend it.

Answer 1

Time has a value attached to it.Let's discuss this over an example.Suppose a consumer prefers to learn music.He works for 8 hours a day and makes money per hour wise.Now his firm announces a good overtime allowance for every extra hour worked.That means if chooses to learn music and not do some extra work he will sacrifice money for that extra hour.So opportunity cost of learning music will be the hourly wage foregone.

Suppose a person everday takes 2 hours to reach and go back from his office.He is losing out that wage for 2 hours everyday in travelling.So time is precious.If by any chance these time taken could have been reduced for transportation or for any daily problems that could have increased not only individual income but will increase the national GDP.