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Are the following true, false or uncertain? Explain why.
a. Many people buy insurance against their home burning down and also purchase lottery tickets for large prizes. (The insurance and lottery tickets both have negative expected value.)
These people cannot be maximizing the expected utility of their wealth.
b. Jenna owns $5000 worth of Microsoft stock and no other stocks. She is deciding whether to invest another $5000 from her chequing account in General Electric stock. If Jenna is risk averse, she should buy the General Electric stock in order to diversify her portfolio.
Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported steel rods: A senator from a state with several steel-rod factories explains that it is necessary to impose trade restrictions, such as a tariff, on..
Suppose there are only two people in society. The demand curve for person A for mosquito control is given by qA=$100−P. For person B, the demand curve for mosquito control is given by qB=$200−P. Suppose mosquito control is a nonexclusive good – that ..
In a competitive market, there are 8 firms, each with total cost given by: TC = Q^2 +100. Derive the firm’s long-run supply equation and the market supply equation. In the long-run, is the number of firms likely to increase or to decrease?
Income from recycling plastics is expected to be $2000 in Year 1 and increase by $500 a year for each of the next 5 years if you buy a sorting machine. ($2000 in Year 1, $2500 in Year 2, etc.) Draw a cash flow diagram showing your expected income in ..
There is someone who we will refer to as B.B. who has just invented a wonderful new device for monitoring the effort level of employees. This device will take precise measurements of the effort of employees and the Department of Justice has certified..
What are the characteristics that make this international company different from domestic companies? Is this company successful? What makes this company a success or failure?
Wheat can only be sold at a central market place M. All producers that do not produce it at M need to haul it there in 11order to sell it and will incur transportation cost. People are willing to pay $222 per ton of wheat; its marginal production cos..
The normal supply and demand models take the supply and demand of a particular good and show that the equilibrium price is where the two curves intersect. How do we reconcile both of these observations?
Suppose the standards of the school are lowered so that earning the degree no longer entails psychic costs for anyone. The cost of earning the degree is now purely monetary ($c) and the same for both high-ability and low-ability workers. Under the as..
Describe key elements of technology-enabled customer relationship management and outline advantages that technology-enabled customer relationship management has over traditional seller-customer interactions.
Why might demand for nurse labor by hospitals or other organized health providers be monopsonistic? Use economic models to explain your answer.
In this assignment you will apply consumer choice theory and marginal analysis to business problems. Explain how your own current household budget, tastes and preferences, and future expectations determine how much of each of these products you purch..
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