The theory of rational behavior

          • The theory of rational behavior says that we humans act in our own self-interest. Given our actual behavior and the decisions we have made and are continuing to make relative to the planet, please: i. What does over-pumping of aquifers really mean? Use Google to gather info. ii. Is continued over-pumping of aquifers around the world in our best interest? If yes, explain why. If no, explain why not. Please provide thorough explanations. iii. Explain how the continued over-pumping of aquifers in America, China, and India, could impact our ability to survive on the planet. This will require that you find out what things these 3 nations have in common that are related to aquifers. Connect the dots and explain how our ability to survive on the planet could be impacted by continued over pumping of aquifers. Please provide plenty of detail here. Google can help! iv. Explain in detail 3 things we can do to stop the over-pumping problem. In your explanation, Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. please talk about how your suggestion would actually lead to solution of the problem. Hint: Focus on the top uses of water in the world. • Utility Concepts: • Explain the 3 concepts: Utility, Marginal Utility, and Diminishing Marginal Utility. this material is provided in the slides and audio lecture. i. Provide explanation of 2 examples of EACH of those 3 concepts as they might be applied to the Keystone XL Pipeline project. • The Theory of Consumer Behavior: this material is provided in the slides and audio lecture. i. Explain EACH of the key assumptions of the Theory of Consumer Behavior and what the theory tells us. Read the slide and listen to the audio lecture. ii. Does the theory of consumer behavior reflect reality? If yes, then why. If no, the why not. • Marginal analysis is a decision-making tool. This material is provided in the slides and audio lecture. i. Please define Marginal Cost ii. Please define Marginal Benefit, iii. Explain the following 3 cases in terms of what you should do regarding the activity involved. Should we do more of the activity, less of the activity, or keep doing the same? Explain why in each case. Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. 1. MB>MC 2. MC>MB 3. MC=MB iv. Explain 3 examples of MC related to the Keystone XL Pipeline question. v. Explain 3 examples of MB related to the Keystone XL Pipeline question.