Explain the Differences Between Self-Punishment and Self-Reward Strategies of Self-Imposed

question 9

Essay

Explain the differences between self-punishment and self-reward strategies of self-imposed behavior-focused strategies.Which of these strategies is more highly recommended to use and why? What is the major negative of the strategy that is not recommended for as much use?

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Definitions:

Average Cost

Average cost refers to the total cost of production divided by the total quantity produced, indicating the cost on a per-unit basis.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain.

Monopolist's Pricing

The strategy used by a monopoly to determine the price of its product, often maximizing profits by controlling supply and determining demand.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.