Thesis: Steriods in Baseball
Find the answers to the questions from the following sources if possible, you can also find sources from somewhere else but citations are needed.
Where is athlete steroid abuse currently the most prominent? (geographically and what sport)
Do different countries have different restrictions on using steroids?
Is this issue global, national, local etc.
Where are these steroids produced?
One page double spaced
Currency Depreciation
Exchange rate fluctuation may affect industries that are in direct competition with foreign producers or rely on their supplies. Specifically, international competitiveness is affected through the influence the exchange rate has on relative costs. In a critical essay, assume that the following four events are taking place:
Americans increase their travel to Europe.
Saudi investors purchase large amounts of U.S. stocks
U.S. interest rates increase suddenly because of a relative increase of world interest rates
Other countries experience economic and political turmoil and become less stable when compared to the United States.
Then, please answer the following questions:
How will each event affect the foreign exchange market?
Will your answer be different if the currency was pegged?
Please explain if a dirty float system will change your assessment
Directions
Your essay is required to be five to six pages in length, which does not include the title page and reference pages, which are never a part of the content minimum requirements.
Support your submission with course material concepts, principles, and theories from the textbook and at least three scholarly, peer-reviewed journal articles.
Taxation and International trade
Please answer the following questions:
What happens to consumer and producer surplus when the sale of a good is taxed? How does the change in consumer and producer surplus compare to the tax revenue? Explain
How do the elasticities of supply and demand affect the deadweight loss of a tax? Why do they have this effect?
Describe what a tariff is and its economic effects. List five arguments often given to support trade restrictions. How do economists respond to these arguments?
Please write a 700-to-900 paper in APA Style answering all questions, and include at least 2 reputable sources.
12-pt. Times New Roman font, Double-spaced and 1” margins on all pages.
Please provide a title page including your Name, Course Number, Date of Submission, and Assignment name.
Paraphrasing of content – Demonstrate that you understand the case by summarizing the case in your own words. Direct quotes should be used minimally.
Hi, thank you very much for your help. In the document attached below you can find the instructions for the essay. Please follow the Structure in there, and it should be easy since the points are already laid out with many resources to find information. Also, please I wrote some parts of the introduction and the graph explanations, as you will see. Feel free to use them or change them as you see appropriate. Thank you very much.
LONDON — Former finance minister Rishi Sunak won the race to be Britain’s next prime minister Monday, the first British Asian to assume the role and the third leader in seven weeks of a country roiled by political and economic chaos.
Sunak will become the latest leader of the ruling Conservative Party to enter the revolving door of No. 10 Downing St., following Liz Truss’ resignation just 44 days after taking office. Her scandal-plagued predecessor, Boris Johnson, dropped his bid for a comeback Sunday.
In his first public statement after the results were announced, Sunak said the country faces a “profound economic challenge.”
He went on to pledge to work for “stability and unity,” and added that he would make it his “utmost priority” to unite the party and the country.
Sunak’s victory was confirmed after his only other challenger, Penny Mordaunt, failed to secure the support of enough of her fellow lawmakers before the deadline.
Rishi Sunak, at the Conservative Party headquarters in London after he won the leadership contest, faces a divided country and party.Aberto Pezzali / AP”Rishi Sunak is therefore elected as leader of the Conservative Party,” Graham Brady, the Conservative lawmaker who oversees the party’s leadership elections, told his colleagues, who banged on tables and cheered at the announcement.
Sunak, who at 42 is set to be the youngest prime minister in more than 200 years, will now be invited to form a government by King Charles III, a ceremonial duty the country’s new monarch will carry out for the first time.
A multimillionaire former banker, Sunak was not elected by the United Kingdom’s 67 million people but rather appointed by lawmakers from the Conservative Party, which is recording historic polling lows after a decade of austerity and 18 months of controversy and division.
This is the party’s second leadership contest in two months. In the first, Sunak was the clear favorite until Truss’ late surge saw her elected by the party’s nearly 200,000 paying members, who are mostly white, wealthy and male, and tend to lean to the right of the British political center.
Watch: Incoming British Prime Minister Rishi Sunak acknowledges ‘profound economic challenge’OCT. 24, 202201:27
This time, those members didn’t have a say because Sunak was the only candidate to get the requisite support of 100 lawmakers to reach a potential runoff.
Johnson claimed he could have reached this threshold, and he may well have won a wider vote among the membership. But doing so would have strained a bitterly divided party to the breaking point, so unpopular is Johnson in Parliament. Sunak’s other challenger, Mordaunt, announced minutes before the 9 a.m. ET deadline that she, too, had failed to gather enough support. “Rishi has my full support,” she said in a statement.
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SIGN UPTHIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICEThe son of African-born Hindus of Indian descent, Sunak will be the country’s second ethnic minority leader, after Prime Minister Benjamin Disraeli in the 1800s, who was of Jewish descent but a practicing Christian. Sunak won the leadership contest on Diwali, the Hindu Festival of Lights.
Born in the southern port city of Southampton, Sunak became the member of Parliament for Richmond in the northern region of Yorkshire in 2015. His rapid rise through the ranks saw him build his own personal brand with a slick social media operation and popular measures to alleviate economic pressure during the pandemic.
“The United Kingdom is a great country but we face a profound economic crisis,” Sunak said on Twitter Sunday, his only public comments during the latest leadership contest. “I want to fix our economy, unite our party and deliver for our country.”
It will be a herculean effort, as he takes the helm during a domestic economic crisis and while Britain is anxiously trying to find its place in the world after its departure from the European Union.
Sunak was chancellor of the exchequer, or finance minister, under Boris Johnson.Hollie Adams / Bloomberg via Getty Images fileHe will hope that Monday’s coronation will help to unite his fractured party, whose wings span culture-warrior free-marketeers to liberal centrists who would not look out of place in the American Democratic party.
Even tougher will be bringing economic calm and stability, as Britain faces a cost-of-living crisis already forcing some people to go hungry, and a painful recession that has no obvious solution.
Truss’ short tenure fueled a crisis that sent interest rates spiraling and the pound plunging, with markets now expecting that the government will cut spending and increase taxes as a result. Sunak has not said what his policies will be, but has been a longtime advocate of budgetary restraint.
A teetotaler and whip-smart, Sunak is seen by many within the party as a technocratic, stabilizing influence following the mayhem of the Johnson-Truss era. During his leadership election with Truss last month, he warned that many of her tax-cutting policies would bring economic disaster — and he was right.
Though Johnson ultimately chose not to fight this contest, it is the latest flashpoint between two men who have become fierce rivals after having served at the top of government together just a few months ago.
Sunak was Johnson’s finance minister, the second most powerful position in government. But after yet another scandal emerged raising questions of Johnson’s relationship to the truth, Sunak resigned and ultimately helped bring down his then-boss.
And while Sunak is not as synonymous with the revelations about boozy lockdown-busting parties as Johnson, police found that he, too, had broken the law over the “partygate” affair and issued him with a fine.
Earlier this year, he and his wife, Akshata Murthy, 42, came under intense criticism after it emerged she had paid million less in taxes because she legally claimed “nondomicile” status in the U.K., meaning she was treated as foreign-based for tax reasons.
Though Sunak is a former banker, it’s through his wife’s father, the Indian software tycoon NR Narayana Murthy, that the couple sits on an estimated 730 million-pound fortune ($825 million) — making the couple richer than the king and Camila, the queen consort.
As well as their new residence in Downing Street, they have four homes, including a penthouse apartment in Santa Monica, California, overlooking the beach where “Baywatch” was filmed.
Please read Corona and GDP and answer the following questions. Please make your answers thoughtful. https://hbr.org/2020/03/what-coronavirus-could-mean-for-the-global-economy
Compared to the other viral outbreaks, explain your thoughts on the type of recovery the U.S. will had. Did we have a V, U, or L shaped recovery? (Minimum 5 sentences)
Using the business cycle from class, what phase do you think the US economy was at during Q2-Q4? Explain using evidence. (Minimum 5 sentences)
Exchange rate fluctuation may affect industries that are in direct competition with foreign producers or rely on their supplies. Specifically, international competitiveness is affected through the influence the exchange rate has on relative costs. In a critical essay, assume that the following four events are taking place:
Americans increase their travel to Europe.
Saudi investors purchase large amounts of U.S. stocks
U.S. interest rates increase suddenly because of a relative increase of world interest rates
Other countries experience economic and political turmoil and become less stable when compared to the United States.
Then, please answer the following questions:
How will each event affect the foreign exchange market?
Will your answer be different if the currency was pegged?
Please explain if a dirty float system will change your assessment
Directions:
Your essay is required to be four to five pages in length, which does not include the title page and reference pages, which are never a part of the content minimum requirements.
Support your submission with course material concepts, principles, and theories from the textbook and at least three scholarly, peer-reviewed journal articles, it should be new and updated from 2020 and above.
Follow APA style guidelines.
It is strongly encouraged that you submit all assignments into Turnitin prior to submitting
You are advised to make your work clear and well presented, marks may be reduced for poor presentation.Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Use the introduction only to state what will come in the paper.
Don’t spend more time on the intro than on a main requirement.
Please make sure the order is reversed.-Please have a conclusion section.
Please shorten subtitles.-Please start refrences on a separate page
Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.
(a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market? (2 points)
(b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly? (2points)
(c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation. (2points
iwant perfect answer with two answer for this q please 150word
Q1. You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.
Fill in the blanks in the table
What is the profit maximizing output? [ students may use marginal approach]
Note: For answering question-1 (a) and (b) students are required to show all possible calculations.
Q2. See around you and pick up a firm which is either dominating the market or trying to
create monopoly.
(a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market?
(b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly?
(c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation.
______
Requirements:-
-no plagiarism
– add refrences
Q1. You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.
Workers
10
11
12
13
14
15
Output
5
29
41
47
50
52
Labor cost
Material cost
Fixed cost
$2
$2
$2
$2
$2
$2
Total cost
Marginal cost
Fill in the blanks in the table.
What is the profit maximizing output? [ students may use marginal approach]
Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.
(a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market?
(b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly?
(c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation.
___
Requirements:
– no plagiarism
-add references (APA style)
Q1. You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.
Workers
10
11
12
13
14
15
Output
5
29
41
47
50
52
Labor cost
Material cost
Fixed cost
$2
$2
$2
$2
$2
$2
Total cost
Marginal cost
Fill in the blanks in the table.
What is the profit maximizing output? [ students may use marginal approach]
Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.
(a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market?
(b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly?
(c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation.
___
Requirements:
– no plagiarism
-add references (APA style)
The Assignment must be submitted on (WORD format only)
Students are advised to make their work clear and well-presented, marks may be reduced for poor presentation. This includes filling in your information on the cover page.
Students must mention the question number clearly in their answers.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Q1. You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.
Workers
10
11
12
13
14
15
Output
5
29
41
47
50
52
Labor cost
Material cost
Fixed cost
$2
$2
$2
$2
$2
$2
Total cost
Marginal cost
Fill in the blanks in the table.
What is the profit maximizing output? [ students may use marginal approach]
Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.
(a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market?
(b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly?
(c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation.
___
Requirements:
– no plagiarism
-add references (APA style)
Q1. You have been hired as an economic consultant by a price-taking (a perfectly competitive) firm that produces T-shirts. The firm already has a factory, so it is operating in the short-run. The price of T-shirt is $9, the hourly wage is $24, and each T-shirt requires $1 worth of material. The following table shows the relationship between the number of workers and output of T-shirts.
Workers
10
11
12
13
14
15
Output
5
29
41
47
50
52
Labor cost
Material cost
Fixed cost
$2
$2
$2
$2
$2
$2
Total cost
Marginal cost
Fill in the blanks in the table. (3 points)
What is the profit maximizing output? [ students may use marginal approach] (1 points)
Note: For answering question-1 (a) and (b) students are required to show all possible calculations.Q2. See around you and pick up a firm which is either dominating the market or trying to create monopoly.
(a) Write in brief about the firm chosen and explain how the firm is trying to create a monopoly or dominating the market? (2 points)
(b) Elaborate your opinion, why we as a society should worry about a firm trying to create a monopoly? (2points)
(c) Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation. (2points)
1 Given the following production and cost information, construct (make) the referenced cost graphs and answer the discussion questions.
Lisa has a lawn-mowing business. Lisa hires students at $40 a day to mow lawns. Lisa leases 5 lawnmowers for $200 a day. The production and cost schedule for Lisa’s business is outlined below.
Labor (Students per Day) Output (Lawns Cut per Day)
0 01 202 443 704 945 1146 118Construct (graph) the average fixed cost, average variable cost, and average total cost.
Construct (graph) the corresponding marginal cost schedule.
How lawns should be cut to maximize the business profit?
He then managed to open up a new field called behavioral economics. Over the years, many other scholars participated in his call of questioning key assumptions of conventional economics. I would like you to read the following two articles and reflect on the following questions:
Which article below do you like most? why?
(Why) do you think we need nudging?
Generally speaking, Are you in favor of or against the use of nudging? why?
Give one example from your personal life of how nudging helps you to do better in your life.
Give one example of good nudging to bring a positive behavioral change in your workplace/society.
Article 1:
Get people to do what you want with a ‘nudge.’ Here’s howCNN —
There has been a Bueller-like refrain to my life raising kids, and it wasn’t one I wanted to listen to. It went something like this: “Did you turn in your homework? Did you eat your lunch? Did you clean your room? Did you…?”
Of course, it wasn’t just the kids. My husband often heard these little ditties: “Did you pick up the dry cleaning? Did you stop at the store? Did you call the doctor? Did you…?”
I even sang a similar tune to myself, but with a twist: “Why didn’t you work out today? Why did you eat that ice cream? Why didn’t you go to sleep at a decent hour? Why did you…?”
What I would have given to know about nudge theory during those days! (My kids are all grown.)
Nudge theory, developed by Richard Thaler, a professor of economics and behavioral science at the University of Chicago, says that you can positively change other people’s behavior (or your own) by using motivational techniques most people respond to – such as the need to fit in with social norms. (Thaler won the 2017 Nobel Prize in Economic Sciences for his “contributions to behavioural economics.”)
What makes “nudges” different from laws, rules and overt manipulation is that people always have a choice – they can decide to do or not do the suggested behavior.
All this may sound abstract, but there are distinct ways we can harness the power of the nudge to encourage those we love to adopt healthier behaviors. We can even use it on ourselves.
To find out how, I had a chat with Katy Milkman, a behavioral scientist at the Wharton School of the University of Pennsylvania, who is a guest on CNN Chief Medical Correspondent Dr. Sanjay Gupta’s Chasing Life podcast this week. She has written a new book called “How to Change: The Science of Getting from Where You Are to Where You Want to Be.”
CNN: From your perspective as a scientist who studies how we can change behavior, what is a nudge?
Katy Milkman: My definition of a nudge is any tool used to influence someone’s behavior that doesn’t rely on a standard economic lever – that doesn’t use incentives or information to influence people. If I fine you for not doing it, if I restrict you, if I say it’s illegal to do it, or if I give you a free concert ticket if you do it, those are not nudges. Those are are good old-fashioned, traditional tools of economics.
Stress can be good for you, and here’s why
All sorts of persuasion tools are nudges. If I change the layout of a cafeteria to put healthy food up front, that’s a nudge. When I say to you, “Oh I’ve reserved a vaccine for you,” and then you want it and go get one, that’s a nudge. I haven’t changed the economic calculus of this decision in any way, but you feel like that dose belongs to you, and you certainly don’t want someone else to get your vaccine, so you act. When you emphasize actions the majority of people are taking, that’s a nudge. People are eager to follow social norms. They don’t want to be left out.
Once you recognize how these “nudges” work, they can become helpful tools for changing people’s behavior for the better – whether it’s your spouse or your neighbors or your employees or your customers.
CNN: What are some of the most effective nudges?
Milkman: There is one clear top tool, and that’s the default. It’s our behavioral science blockbuster. It almost always changes behavior, at times immensely. Employers often use default settings as a nudge: “We enrolled you in our 401k program, but you can opt out if you don’t want it by visiting this website and taking these actions.” Or they might say “We haven’t enrolled you in our 401k program, but here’s the website and you can go enroll if you want to.”
Default settings are a fairly blunt instrument, or nudge, that turns out to have a huge impact. In the case of auto-enrollment for retirement savings, a classic study shows that auto-enrolling people in a 401k plan but letting them opt out can produce nearly a 40% boost in enrollment rates.
But for the most part, which nudge to use depends on the behavior you’re hoping to change: Why isn’t this person interested in getting a flu shot? Why isn’t this person interested in recycling? Why doesn’t this person want to sign up for the gym? Why won’t your spouse cook dinner?
5 natural ways to boost your mental health during stressful times
Nudging each of these behaviors in a positive direction works best when you match your problem and solution. For example, if someone is just forgetting to recycle, then good old-fashioned reminders work well.
People generally underestimate how forgetful they are. They say, “Of course I’m not going to forget that – it’s important to me!” And then oops, life is busy, and they do. So as mundane as they are, reminders are highly effective in many situations, such as nudging medication adherence, boosting savings and even for encouraging vaccinations.
But not everything is about forgetting. Many failures to get to the gym aren’t because people forgot – lots of people just don’t like going to the gym!
CNN: What’s the best way to use a reminder for myself or my family?
Milkman: Timely reminders are much better. There’s an older study I adore that used valets to remind people to buckle up before they drove off. If people were reminded as they hand off their ticket to the valet, they buckled up about half of the time – roughly as often as they buckled up without a reminder. But when they were reminded just as the valet opened the car door for them, they buckled up 80% of the time.
So, telling your partner in the morning to stop by the store in the afternoon will not be very effective, but sending them a text just as they get into their car after work will be.
Reminders that include planning prompts are even better. Research shows getting people to make concrete “when, where, and how you’ll get there” statements substantially increase follow-through on everything from getting a cancer screening to turning out to vote.
You can do that with your spouse or your child when you want to nudge a behavior, too. If your child keeps forgetting to return a library book, prompt them to tell you the date and time when they plan to return it, how they will get to the library, and, if you live in a city with many library branches like I do, ask them which location they’ll visit.
CNN: What’s a great nudge to help my family adopt healthier habits?
Milkman: Inviting people to make a choice that will take effect later is a powerful nudge. It turns out that when we’re deciding about this moment, we tend to make less healthy choices. We want that instant hit of gratification that isn’t so good for us in the long run.
Want to live longer? Be an optimist, study says
For instance, my husband just texted me while we were talking and asked me what I want for takeout for dinner tonight. I’ll probably say pizza, but I would make a very different choice if he asked me to choose what I wanted for dinner tomorrow. Or where do I want to go on vacation in six months or how do I want to spend money that just arrived in my paycheck versus money that will arrive next year when I get a raise.
We think much differently when we make choices for now versus later. We want the pizza now and the salad later. We want to sit on the couch and binge-watch lowbrow TV now, but the gym and a night at the opera sounds good next week. All the sorts of things that have long-term value and benefits, we want to do those, but later.
You can change that if you nudge people, even yourself, to make decisions in advance. If you invite people at work to order lunch for next week, they are more likely to make better choices. If you and your partner plan all the meals for next week, you’re nudging yourself toward healthier decisions.
Of course, you might veer off the plan and just order pizza, but there is some degree of cost that you incur when you throw that food away. There is also guilt about not keeping your commitment. So, you’re much more likely to eat that healthy food than you would have been if you hadn’t invested in meal planning up-front.
Making those kinds of advanced decisions is one way that we can nudge ourselves and others toward choices that are more aligned with our long-term goals.
CNN: Can nudge theory help me convince a skeptical loved one to consider my point of view on politics or vaccines?
Milkman: One of my favorite tools to change and influence other people’s behavior is to ask someone to advise, or coach, a third party with a different point of view than their own. A new research paper on this just came out showing that if you’re randomly assigned a debate position, it changes your opinion – you start to align more with whatever randomly assigned position you had to take. It’s called the advocacy effect: After you advocate for something you believe in it more, even if you were opposed to it in the past.
Stress eating lately? The ‘hunger meter’ can help
Think about this in a work context. You have an employee who’s not super enthusiastic about a business decision that you believe is the right way to go. If you ask them to do the research and make a presentation advocating in favor of that position, they are likely to become more open to it.
If you have an employee who’s not getting their work done in timely fashion, ask that person to mentor someone else who is struggling with the same challenge. Mentoring will improve that individual’s own performance because of the advocacy effect and because being given that responsibility builds their confidence.
If you’re trying to get someone to open up their minds in this age of polarization, give them an opportunity to articulate the opinion opposite their own. If you can get people to take the opposite position, it can make them more open minded.
CNN: Can nudge theory be misused?
Milkman: Absolutely. Anytime you’re attempting to influence people, whether it’s with economics or psychology, there is a risk of nefarious or bad behavior. If something has an impact on you and you don’t know why, you can think of that as nefarious – I’m influencing you without your knowledge of what I’m doing and why it’s working.
For example, I do not want someone to sell me cigarettes. I don’t want them to want to sell my family cigarettes. But what if they tell me, “I have cigarettes reserved for you, for everyone in your family. Everyone in your neighborhood is smoking cigarettes right now.” That’s what I would say is “nudging for evil.” That’s a challenge with all influence tactics, and something I think we must be wary of as we use these tools for the public good.
However, one asset of nudges over other tools of influence like incentives, mandates and bans is that they preserve the freedom to choose: You have the choice to do what’s encouraged – or not – without incurring any sort of official cost. What I study most is encouraging healthy behaviors, or how to help people build up savings or help kids get better educational outcomes. When used in that way, I’d argue nudges are cost-effective tools that we can layer on top of traditional policy tools to improve people’s lives.
I think the benefits of nudging are clear. These are methods that expand our toolkit for changing other people’s behavior, hopefully for the better. The more tools at your disposal the better if you’re a government and you want to improve outcomes for citizens, or if you’re a coach and you want to improve outcomes for your team, or you are parents and want to improve outcomes for your child.
source: https://edition.cnn.com/2021/10/12/health/nudge-healthy-behavior-wellness/index.html
Article 2:
Nudges and sludge – ways to influence behaviour in businessNEWSDAY THURSDAY 3 FEBRUARY 2022Source: scholarlykitchen.sspnet.org –
Purposeful business uses behavioural techniques such as nudges to move people to make choices themselves which are to their benefit.
Purposeful businesses also work to remove sludge – any aspect shaping people’s choices that makes it harder for them to end up better off (in their own conception of better).
Nudge emerges out of one of the social science disciplines, behavioural economics, within which there has been a lot of progress. Richard Thaler and Cass Sunstein, influential behavioural economists, wrote the book, Nudge – improving decisions about health, wealth, and happiness in 2008. That book became hugely influential and “nudge units” were set up by governments around the world to support public policy – the first one in the UK.
In 2017, Richard Thaler received a Nobel prize in economics for his contribution to behavioural economics – particularly the inclusion of three psychological factors: the tendency not to behave completely rationally, notions of fairness and reasonableness, and lack of self-control.
In August 2021, Thaler and Sunstein published the second, and “final” edition. They revised their successful book because of the change and experience accumulated since then – to illustrate that extent of change. In the intervening period, think how different iPhone 1 is from iPhone 13.
The covid19 pandemic has shown how difficult it is to agree on collective societal action: to take the vaccine, even when people are facing mortal risks in the short term, the science is clear, and the vaccine is free for individuals to take.
When it comes to climate change, the challenge is even larger and Thaler
1. Assume that a department store was selling a brand
of men’s dress shirt at $100.00 per shirt. At that price, the store sold
50 shirts in one week. Next week, the store declared a “sale – buy one
get one free”. As a result, sale of the dress shirt increased to 300 in
that week. Based on these information, calculate the price elasticity of
demand using the arc elasticity formula (p 70-71 of the textbook). What
does the coefficient of elasticity indicate?
3. Define cross-price elasticity of demand. Explain
how the sign of the coefficient of cross-price elasticity (positive or
negative) indicates if the two goods are substitute goods or
complementary goods.
Exchange rate fluctuation may affect industries that are in direct competition with foreign producers or rely on their supplies. Specifically, international competitiveness is affected through the influence the exchange rate has on relative costs. In a critical essay, assume that the following four events are taking place:
Americans increase their travel to Europe.
Saudi investors purchase large amounts of U.S. stocks
U.S. interest rates increase suddenly because of a relative increase of world interest rates
Other countries experience economic and political turmoil and become less stable when compared to the United States.
Then, please answer the following questions:
How will each event affect the foreign exchange market?
Will your answer be different if the currency was pegged?
Please explain if a dirty float system will change your assessment
Directions
Your essay is required to be five to six pages in length, which does not include the title page and reference pages, which are never a part of the content minimum requirements.
Support your submission with course material concepts, principles, and theories from the textbook and at least three scholarly, peer-reviewed journal articles.
follow APA style guidelines
Consider how individual firms make decisions. What factors guide firms in their decision-making process? As you do so, address three of the following (and only three) assigned concepts in conjunction an assigned question:
Concept: Invisible Hand PrincipleQuestion: What role does the invisible hand play in a firm’s decision-making process – both in regard to the firm’s own self-interest and also in regard to the market’s natural tendency toward equilibrium (the point at which the quantity demanded equals the quantity supplied)?
Concept: Price Elasticity of DemandQuestion: How does the nature of demand for a firm’s service or product affect its decision-making process?
Concept: Profit – Accounting versus EconomicQuestion: What information is conveyed by economic profit as opposed to accounting profit? Which measure of profit is most useful to a firm’s decision-making process? Why?
Concept: Price Takers versus Price SearchersQuestion: What is the difference between firms that are price takers and those that are price searchers? Assignment FormatSection 1 Include a brief introductory paragraph comprised of a statement of purpose for your assignment – what are you going to do and how are you going to do it.Sections 2 through 4Here you will have a one to two paragraph section for each of the 3 assigned concepts you select. With each of your three assigned concept sections begin by first fully defining and explaining the assigned concept in your own words, only then move to apply the assigned concept in the context of the connected topic question.Section 5This should be a brief concluding paragraph to summarize the key elements articulated in your assignment.Section 6 (References Section)While you should define and explain your three selected assigned concepts in your own words, you should be prepared to supplement your understanding of the topic questions with research. Be sure to cite any resources used in this section. You may use whatever reference format you desire (MLA, APA, etc.), but when you cite a website, be sure to include the full and specific URL with your reference. Length and FontAnswers should range between 1,500 and 2,000 words in total for the assignment. The assignment should be single-spaced, in Calibri 11pt font. If your word-processing program does not support Calibri font, simply type “My computer does not support Calibri font, so I am using **** font.” at the top of your answer. File TypeAll answers must be submitted to the course site in RTF (Rich Text Format). Answers submitted in any other format will not be accepted. The
Dear All,
In 2017, the Nobel Prize in economics went to Richard Thaler who was once not considered an economist because of his heterodox approach. He then managed to open up a new field called behavioral economics. Over the years, many other scholars participated in his call of questioning key assumptions of conventional economics. I would like you to read the following two articles and reflect on the following questions:
Which article below do you like most? why?
(Why) do you think we need nudging?
Generally speaking, Are you in favor of or against the use of nudging? why?
Give one example from your personal life of how nudging helps you to do better in your life.
Give one example of good nudging to bring a positive behavioral change in your workplace/society.
Article 1:
Get people to do what you want with a ‘nudge.’ Here’s howCNN —
There has been a Bueller-like refrain to my life raising kids, and it wasn’t one I wanted to listen to. It went something like this: “Did you turn in your homework? Did you eat your lunch? Did you clean your room? Did you…?”
Of course, it wasn’t just the kids. My husband often heard these little ditties: “Did you pick up the dry cleaning? Did you stop at the store? Did you call the doctor? Did you…?”
I even sang a similar tune to myself, but with a twist: “Why didn’t you work out today? Why did you eat that ice cream? Why didn’t you go to sleep at a decent hour? Why did you…?”
What I would have given to know about nudge theory during those days! (My kids are all grown.)
Nudge theory, developed by Richard Thaler, a professor of economics and behavioral science at the University of Chicago, says that you can positively change other people’s behavior (or your own) by using motivational techniques most people respond to – such as the need to fit in with social norms. (Thaler won the 2017 Nobel Prize in Economic Sciences for his “contributions to behavioural economics.”)
What makes “nudges” different from laws, rules and overt manipulation is that people always have a choice – they can decide to do or not do the suggested behavior.
All this may sound abstract, but there are distinct ways we can harness the power of the nudge to encourage those we love to adopt healthier behaviors. We can even use it on ourselves.
To find out how, I had a chat with Katy Milkman, a behavioral scientist at the Wharton School of the University of Pennsylvania, who is a guest on CNN Chief Medical Correspondent Dr. Sanjay Gupta’s Chasing Life podcast this week. She has written a new book called “How to Change: The Science of Getting from Where You Are to Where You Want to Be.”
CNN: From your perspective as a scientist who studies how we can change behavior, what is a nudge?
Katy Milkman: My definition of a nudge is any tool used to influence someone’s behavior that doesn’t rely on a standard economic lever – that doesn’t use incentives or information to influence people. If I fine you for not doing it, if I restrict you, if I say it’s illegal to do it, or if I give you a free concert ticket if you do it, those are not nudges. Those are are good old-fashioned, traditional tools of economics.
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All sorts of persuasion tools are nudges. If I change the layout of a cafeteria to put healthy food up front, that’s a nudge. When I say to you, “Oh I’ve reserved a vaccine for you,” and then you want it and go get one, that’s a nudge. I haven’t changed the economic calculus of this decision in any way, but you feel like that dose belongs to you, and you certainly don’t want someone else to get your vaccine, so you act. When you emphasize actions the majority of people are taking, that’s a nudge. People are eager to follow social norms. They don’t want to be left out.
Once you recognize how these “nudges” work, they can become helpful tools for changing people’s behavior for the better – whether it’s your spouse or your neighbors or your employees or your customers.
CNN: What are some of the most effective nudges?
Milkman: There is one clear top tool, and that’s the default. It’s our behavioral science blockbuster. It almost always changes behavior, at times immensely. Employers often use default settings as a nudge: “We enrolled you in our 401k program, but you can opt out if you don’t want it by visiting this website and taking these actions.” Or they might say “We haven’t enrolled you in our 401k program, but here’s the website and you can go enroll if you want to.”
Default settings are a fairly blunt instrument, or nudge, that turns out to have a huge impact. In the case of auto-enrollment for retirement savings, a classic study shows that auto-enrolling people in a 401k plan but letting them opt out can produce nearly a 40% boost in enrollment rates.
But for the most part, which nudge to use depends on the behavior you’re hoping to change: Why isn’t this person interested in getting a flu shot? Why isn’t this person interested in recycling? Why doesn’t this person want to sign up for the gym? Why won’t your spouse cook dinner?
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Nudging each of these behaviors in a positive direction works best when you match your problem and solution. For example, if someone is just forgetting to recycle, then good old-fashioned reminders work well.
People generally underestimate how forgetful they are. They say, “Of course I’m not going to forget that – it’s important to me!” And then oops, life is busy, and they do. So as mundane as they are, reminders are highly effective in many situations, such as nudging medication adherence, boosting savings and even for encouraging vaccinations.
But not everything is about forgetting. Many failures to get to the gym aren’t because people forgot – lots of people just don’t like going to the gym!
CNN: What’s the best way to use a reminder for myself or my family?
Milkman: Timely reminders are much better. There’s an older study I adore that used valets to remind people to buckle up before they drove off. If people were reminded as they hand off their ticket to the valet, they buckled up about half of the time – roughly as often as they buckled up without a reminder. But when they were reminded just as the valet opened the car door for them, they buckled up 80% of the time.
So, telling your partner in the morning to stop by the store in the afternoon will not be very effective, but sending them a text just as they get into their car after work will be.
Reminders that include planning prompts are even better. Research shows getting people to make concrete “when, where, and how you’ll get there” statements substantially increase follow-through on everything from getting a cancer screening to turning out to vote.
You can do that with your spouse or your child when you want to nudge a behavior, too. If your child keeps forgetting to return a library book, prompt them to tell you the date and time when they plan to return it, how they will get to the library, and, if you live in a city with many library branches like I do, ask them which location they’ll visit.
CNN: What’s a great nudge to help my family adopt healthier habits?
Milkman: Inviting people to make a choice that will take effect later is a powerful nudge. It turns out that when we’re deciding about this moment, we tend to make less healthy choices. We want that instant hit of gratification that isn’t so good for us in the long run.
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For instance, my husband just texted me while we were talking and asked me what I want for takeout for dinner tonight. I’ll probably say pizza, but I would make a very different choice if he asked me to choose what I wanted for dinner tomorrow. Or where do I want to go on vacation in six months or how do I want to spend money that just arrived in my paycheck versus money that will arrive next year when I get a raise.
We think much differently when we make choices for now versus later. We want the pizza now and the salad later. We want to sit on the couch and binge-watch lowbrow TV now, but the gym and a night at the opera sounds good next week. All the sorts of things that have long-term value and benefits, we want to do those, but later.
You can change that if you nudge people, even yourself, to make decisions in advance. If you invite people at work to order lunch for next week, they are more likely to make better choices. If you and your partner plan all the meals for next week, you’re nudging yourself toward healthier decisions.
Of course, you might veer off the plan and just order pizza, but there is some degree of cost that you incur when you throw that food away. There is also guilt about not keeping your commitment. So, you’re much more likely to eat that healthy food than you would have been if you hadn’t invested in meal planning up-front.
Making those kinds of advanced decisions is one way that we can nudge ourselves and others toward choices that are more aligned with our long-term goals.
CNN: Can nudge theory help me convince a skeptical loved one to consider my point of view on politics or vaccines?
Milkman: One of my favorite tools to change and influence other people’s behavior is to ask someone to advise, or coach, a third party with a different point of view than their own. A new research paper on this just came out showing that if you’re randomly assigned a debate position, it changes your opinion – you start to align more with whatever randomly assigned position you had to take. It’s called the advocacy effect: After you advocate for something you believe in it more, even if you were opposed to it in the past.
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Think about this in a work context. You have an employee who’s not super enthusiastic about a business decision that you believe is the right way to go. If you ask them to do the research and make a presentation advocating in favor of that position, they are likely to become more open to it.
If you have an employee who’s not getting their work done in timely fashion, ask that person to mentor someone else who is struggling with the same challenge. Mentoring will improve that individual’s own performance because of the advocacy effect and because being given that responsibility builds their confidence.
If you’re trying to get someone to open up their minds in this age of polarization, give them an opportunity to articulate the opinion opposite their own. If you can get people to take the opposite position, it can make them more open minded.
CNN: Can nudge theory be misused?
Milkman: Absolutely. Anytime you’re attempting to influence people, whether it’s with economics or psychology, there is a risk of nefarious or bad behavior. If something has an impact on you and you don’t know why, you can think of that as nefarious – I’m influencing you without your knowledge of what I’m doing and why it’s working.
For example, I do not want someone to sell me cigarettes. I don’t want them to want to sell my family cigarettes. But what if they tell me, “I have cigarettes reserved for you, for everyone in your family. Everyone in your neighborhood is smoking cigarettes right now.” That’s what I would say is “nudging for evil.” That’s a challenge with all influence tactics, and something I think we must be wary of as we use these tools for the public good.
However, one asset of nudges over other tools of influence like incentives, mandates and bans is that they preserve the freedom to choose: You have the choice to do what’s encouraged – or not – without incurring any sort of official cost. What I study most is encouraging healthy behaviors, or how to help people build up savings or help kids get better educational outcomes. When used in that way, I’d argue nudges are cost-effective tools that we can layer on top of traditional policy tools to improve people’s lives.
I think the benefits of nudging are clear. These are methods that expand our toolkit for changing other people’s behavior, hopefully for the better. The more tools at your disposal the better if you’re a government and you want to improve outcomes for citizens, or if you’re a coach and you want to improve outcomes for your team, or you are parents and want to improve outcomes for your child.
source: https://edition.cnn.com/2021/10/12/health/nudge-healthy-behavior-wellness/index.html
Article 2:
Nudges and sludge – ways to influence behaviour in businessNEWSDAY THURSDAY 3 FEBRUARY 2022Source: scholarlykitchen.sspnet.org –
Purposeful business uses behavioural techniques such as nudges to move people to make choices themselves which are to their benefit.
Purposeful businesses also work to remove sludge – any aspect shaping people’s choices that makes it harder for them to end up better off (in their own conception of better).
Nudge emerges out of one of the social science disciplines, behavioural economics, within which there has been a lot of progress. Richard Thaler and Cass Sunstein, influential behavioural economists, wrote the book, Nudge – improving decisions about health, wealth, and happiness in 2008. That book became hugely influential and “nudge units” were set up by governments around the world to support public policy – the first one in the UK.
In 2017, Richard Thaler received a Nobel prize in economics for his contribution to behavioural economics – particularly the inclusion of three psychological factors: the tendency not to behave completely rationally, notions of fairness and reasonableness, and lack of self-control.
In August 2021, Thaler and Sunstein published the second, and “final” edition. They revised their successful book because of the change and experience accumulated since then – to illustrate that extent of change. In the intervening period, think how different iPhone 1 is from iPhone 13.
The covid19 pandemic has shown how difficult it is to agree on collective societal action: to take the vaccine, even when people are facing mortal risks in the short term, the science is clear, and the vaccine is free for individuals to take.
When it comes to climate change, the challenge is even larger and Thaler
