Joaquin Consumes Pizza and Beer

question 26

Multiple Choice

Joaquin consumes pizza and beer. His utility function is where P is the number of pizzas and B is the number of glasses of beer. Joaquin has $30, and he plans to spend all of it on pizza and beer today. The price of one pizza is $10 and the price of beer is $3 per glass. Joaquin is allowed to purchase fractions of a pizza by buying individual slices at the same average price (thus, one quarter of a pizza would cost $2.50) . Joaquin's optimal bundle is ____ pizzas and ____ beers.

• A) 0.5; 10
• B) 1.5; 5
• C) 2.5; 4
• D) 3; 3

Understand Rotter's concept of reinforcement value and its application in decision-making processes.

Analyze individual behavior through Rotter's social learning theory including locus of control.

Explain Rotter's psychological needs and the concept of freedom of movement.

Compare and contrast Rotter's and Skinner's views on reinforcement and behavior.

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Definitions:

Consideration

Consideration refers to something of value that is exchanged between parties in a contract, making the agreement legally binding.

Gross Inadequacy

A significant disparity or insufficiency, often relating to an offer’s value in a contractual agreement, which may lead to questioning the fairness of the contract.

Consideration

Something of value exchanged between parties in a contract, which is necessary for the contract to be legally binding.

Sufficient Consideration

The value that is deemed adequate by the parties involved and law as part of an agreement or contract, ensuring it is binding and enforceable.