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Your utility function is U = ln(2C) where C is the amount of consumption you have in any given period. Your income is $40,000 per year and you have no savings. There is a 2% chance that you will be involved in a catastrophic accident that will cost you $30,000 next year. a. What is your expected utility? b. Calculate an actuarially fair insurance premium. What would your expected utility be if you were to purchase the actuarially fair insurance premium? c. What is the most that you would be willing to pay for insurance, given your utility function?
q. firms like papa johns pizza hut as well as dominos sell pizza and other products that are differentiated in nature.
q. what is the value of a piece of land? consider the following scenarios.1 suppose that you own a farm run by tenants.
Illustrate if there were only one supplier of diamonds, elucidate what would be the price and quantity
What are the differences between “the quantity demanded” and “changes/shifts in demand?” What exactly are the ceteris paribus variables? Identify five such variables in the demand for Lexus automobiles and explain how those might shift the demand cur..
Based on your answer in a and b, how can you reconcile the President's statement with economics? Can you suggest how his statement could be modified to be consistent with teh IS-LM model?
Public Goods: Suppose that weather forecast systems require funding in billion-dollar chunks, and that each billion dollars invested in weather forecasting doubles your odds of getting the forecast right—that if you spend nothing your forecast, pure ..
A firm uses labor and machines to produce output according to the production function f(L, M) = 4L^1/2 M^1/2 , where L is the number of units of labor used and M is the number of machines. The cost of labor is $40 per unit and the cost of using a mac..
What is the percent value of a loan that calls for the payment of $500 per year for six years if the discount rate is 10 percent and the first payment will be made one year from now? How would your answer change if the $500 per year occurred for ten ..
A monopolistic firm faces the following demand curve. Q = 8000 -10 P This monopoly's cost function has been estimated as follows: TC = 480,000 + 40 Q. What is the break-even quantity of this monopoly? What would be its profit if it maximized its reve..
Both the long-run aggregate supply curve and the short-run aggregate supply curve shift in response to changes in the availability of labor or capital or to changes in technology and productivity. A widespread temporary change in the prices of factor..
If input prices had increased as firms entered the lithium industry in response to rising demand, what would have been the shape of the long-run supply curve? If the market demand for lithium were to decrease during the 2020s, what would happen to th..
Suppose that a conservative political alliance succeeds in 2020 to change the current floating exchange rate regime in the U.S. into a fixed exchange rate regime. Assume that the fixed exchange rate is announced to be equal to the current market equi..
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