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Consider an individual possessing a utility function (measured in "utils") over annual employment income M (measured in dollars) given by U(M) =10-13M3-(6)10-8M2+(1.5)10-2M. Graph U(M) for 0 ≤ M ≤ 400,000 in an appropriate diagram. Determine the level of income MN at which the individual is risk neutral and indicate it on your diagram. Why might we observe this individual purchasing insurance and lottery tickets at the same time if his income is sufficiently close to this level, and can this behavior be rationalized? Explain. You are encouraged to utilize Excel to aid in answering this question.
In many industries, such as supermarkets, banks, cell phonecompanies, etc., because of mergers our choices as consumers are reduced to two or three competitors. Do you think thisis good for the economy
Atlas Transportation is considering installing temperature logger in all its refrigerated trucks for monitoring temperatures during transit. If the systems will reduce insurance claims by $40,000 per year for 5 years how much should the company be wi..
Short and Long-term costs business comparisons. Select directly comparison business concepts and generally discuss the FC, VC, break-even quantities, economies of scale and diseconomies of scale for each.
A generous university benefactor has agreed to donate a large amount of money for student scholarships. The money can be provided in one lump sum of $12 million in Year 0 (the current year), or in parts, in which $7 million can be provided at ..
assume there are 400 families in a community. each of these families spends exactly 100 plus one-half of its total
Using budget lines and indifference curves, prove to your colleague that he is wrong - decompose the change in price into two components: pure substitution effect, and income effect.
a countrys culture reflects and shapes its values and each country adopts laws that reflect their prevailing ethical
we have established a relationship between net capital outflow nco and the trade balance net exports. during this
Graph the budget line and add the indifference curve for the following situation and also graph the demand curve based on the given information
Assuming no change in hours of work, if real output per hour of work increases by 10 percent, what will be the new levels of real GDP in the right column of A Does the new data reflect an increase in aggregate supply or does it indicate a decrease..
On the evening of the vote, local union officials voiced serious objections to this statute. Outline the basis of the argument most likely used by union officials.
Q1.Why are firms in perfect competition continually motivated to reduce costs? And are they efficient in production?
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