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The New Professor (Scenario)
Samir has recently received his Ph.D. and has begun teaching at a large university. Prior to his first day of class, Samir's department head had lunch with him and explained what was expected of a new professor in terms of maintaining discipline in his classroom, providing students with a challenging course, and keeping grades down. Later that week Samir met with other professors in a faculty meeting. During that meeting, a number of issues were discussed and, although Samir did not agree with all of them, he did not feel comfortable discussing his position because he was a new assistant professor and the others were more senior. However, in watching the reactions of other professors, he got the feeling that some of them disagreed with a few issues, too, but did not want to say anything because doing so might be disruptive.
-When Samir's department head was discussing the department's acceptable standards and expectations that all of the professors held regarding grading, he was sharing the group's _________ _ with Samir.
Interest Rate
The percentage of a sum of money charged for its use, which reflects the cost of borrowing or the return on savings.
Utility Function
A mathematical representation that ranks an individual's preferences over a set of goods and services, aiming to measure satisfaction or happiness.
Consumption
Households' utilization of goods and services.
Interest Rate
The percentage at which interest is paid by a borrower for the use of money they borrow from a lender.
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