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Consider a health utility questionnaire with only 3 domains (physical role, social role, and cognitive health), each of which has two levels (no problem and some problems). A person in perfect health has a utility score of 1.0 and a dead person has a score of 0 or less. Suppose the scoring algorithm is as follows:
*For some physical problem subtract 0.08
*For some social problem subtract 0.29
*For some cognitive problem subtract 0.35
*For 1 or 2 problems subtract 0.14
*For 3 problems subtract 0.40
Calculate the utility of a person having some cognitive problems and some social problems. (Round to 2 decimals)
Assume that the marginal product of labor is: MP=100-L, L is the number of workers hired. You can sell the product in the marketplace for $50 per unit, the wage rate for labor is $100. How many workers should I hire.
For each of the following situations, decide whether the bundle Lakshani is considering optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility? That is, determine which good she should spend more on and which go..
Acme Universal is a micro-cap that had a $3,000,000 drop in taxable income this year. Their drop in taxes was $1,030,000. For each of the following, determine the largest amount that meets the conditions given above.
Which of the following is a list of nonrival private goods only? Economic theory suggests that college graduates receive higher wages than those with only a high school education because:
With an interest rate of 10 percent this person uses $100 current income along with an $80 bank loan to finance $60 of education. Explain how this individual should respond if interest rate increases. Discuss income and substitution effects.
The no-trade equilibrium in Foreign. How do the relative no trade prices of computers compare in Home and Foreign.
You have opened your own word-processingservice. You bought a personal computer, and paid $5,000 for it.However, due to the cost changes in the computer industry, thecurrent price of an equivalent machine is $2,500.
Consider the following multiplicative demand function where QD = quantity demanded, P = selling price, and Y = disposable income:
Illustrate how many would you expect to be sold under each pair of price and income demand elasticity estimates.
An economy consists of three workers: Larry, Moe, and Curly. Each works for ten hours per day and can produce two services: Mowing lawns and washing cars. Calculate how much of each service is produced under the following circumstances. You can use a..
Illustrate what happens if the consumer faces a borrowing constraint that prevents her from borrowing.
Illustrate what does the evolution of Coke's strategy tell you about the convergence of consumer tastes and preferences.
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