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Suppose that your utility function is U = ln(3I), where I is the amount of income you make in a given year. Suppose that you typically make $30,000 per year, but there is a 5 percent chance that, in the next year, you will get sick and lose $20,000 in income due to medical costs. (a) What is your expected utility if you do not have insurance to protect against this adverse event? (b) Suppose you can buy insurance that will cover your losses if you get sick. What would be the actuarially fair premium? What is your expected utility if you buy the insurance policy? (c) What is the most that you’d be willing to pay for this policy?
If the farmer rented her land from a landowner,would she have the same incentives to control soil erosion. What would the landowner have an incentive to control erosion.
q1. gary has two children kevin and dora. each one consumes yummiest and nothing else. gary loves both children
Suppose that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream into a lake that has become thick with algae and polluted due to the minerals in the waste matter. types of private solut..
Is HSBC Global Corporation, Multi Domestic Corporation or borderless organization for its business in Japan? While HSBC claims that it is the world’s local bank, can it become a local bank in Japan? What should HSBC have done before they considered a..
q1. visualize you are a manager for good or service used. from results of the deterioration equation recommend
We know that GDP has four components: consumption (C), investment (I), government purchases (G) and net exports (NX). If we let Y stand for GDP
Suppose the dollar exchange rates of the euro and the yen are equally variable. Which currency, the euro or the yen, would you consider riskier.
Identify and discuss some of the other factors that influenced the growth of social media. To get you started and pointed in the right direction, consider how the use of digital cameras, digital video cameras, cell phones with cameras, and portable d..
Compute the resulting utility if the population were on million higher and one million lower than the optimum.
Sometimes self-interested behaviour in markets do not contribute to broader social objectives Example: Should I burn my leaves or haul m into woods.
Using the method of Lagrange multipliers to derive Sharifah's demand for brownies and espressos. Explain how many brownies and espressos will Sharifah consume.
Consider a finite set of prizes X and probabilities P on them. Suppose that an expected utility maximizer's preferences > on P have an expected utility show with utility function on prizes u : X->R.
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