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In an essay format please answer the following two questions:
1. How does the analysis of risk aversion change when one allows for alternative models of decision-making then expected utility?
2. How does subjective expected utility theory differ from expected utility theory? How might one elicit a subjective probability from a decision-maker? What is the difference between risk, uncertainty and ambiguity?
Compute the equilibrium level of income. Sketch this equilibrium position using a two-dimensional graph.
According to the figure, because of the imposition of this per-bag tax, the price buyers now pay and the price sellers get to keep (net) equals: A) $28 and $48, respectively B) $39 and $28, respectively C) $48 and $28, respectively D) $39 and $39, re..
Present the arguments for free trade and the arguments for protection of the US domestic steel industry. Analyze and evaluate the arguments. What policy should we follow in the steel industry and why
What are price indexes designed to measure. Outline how they are construed. When GDP and other and other income figures are compared across time periods.
VetPharm has historically produced and sold drugs for animals; however, one of its products developed for animal use has recently been approved for a similar use in humans. Market research has revealed that at the current per dose price, the elastici..
A tropical country can produce winter coats, but there is no domestic demand for these coats. Explain how this country can gain from free trade in winter coats.
The consulting firm McKinsey and Company expects this combination of medical care and tourism in India to approach $2 billion a year by 2012.
What is being held constant when the supply curve is constructed for a specific good like pizza or automobiles? Explain why the supply curve for a good slopes upward to the right
What price should the leader charge to drive all the small firms out of the market? Write the marginal revenue function of the dominant firm.
It is unclear to a economic novice like me why OPEC is not cutting down production and raising oil prices. I have read several journalists commenting upon this on the internet but perhaps an economist can explain this current fact better.
A 50 percent increase in cigarette prices would cut overall consumption by 12.5 percent, with even greater declines in smoking among minorities and young adults, federal health experts said Thursday. The Centers for Disease Control and Prevention (CD..
What is the effective rate of protection for the automobile industry in country A, if there is a tariff of 25 percent on imported automobiles and a tariff of 50 percent on imported inputs used in this industry.
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