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Let two dimensions of choice be mugs and money, with mugs being dimension 1 and money being dimension 2. Denote outcomes in mugs and money by c1 and c2, respectively, and reference points in the two dimensions by r1 and r2, respectively. The person's utility is given by:
4c1 + c2 + v(4c1 - 4r1)+ v(c2 - r2), where v(x) = 0.5x for x ≥ 0, and v(x) = 2x for x < 0. You can think of the first part of the utility function (4c1 + c2) as standard "consumption utility," and the second part (v(4c1 - 4r1)+ v(c2 - r2)) as the reference-dependent "gain-loss utility."
Consider a scenario where some subjects (called the "choosers") are initially not given a mug or any money. Then, they are told that they can either have the mug or money, and are asked for the minimum amount of money which they would be willing to accept instead of the mug. Solve for this "choosing price."
When the Ehrenberg Company closed, the Smith Company (which provides no training for its employees) offered to hire any of Ehrenberg’s former employees after they completed a lengthy retraining program at a local vocational institution. From what you..
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What is your profit from the following transaction (note per share costs quoted). Profit is how much you made or how much you didn't lose.
A coupon bond has a face value of $1,000 and maturity 5 years. The required rate of return for the bond is 5%. The bond is sold at a price of $1,000 now. Calculate the coupon rate of the bond. Year by year, calculate the current yield and the capital..
Two firms, A and B, have complete control of the supply of mineral water and both have zero costs. The market (inverse) demand function is given by: P = 200 – 10Q, where Q = qA (output of seller A) + qB (output of seller B). Their best reply function..
Suppose that a car dealer has a local monopoly in Selling Volvos. It pays the wholesale price w to Volvo for each car that it sells, and charges each consumer the retail price p. Suppose that the car dealer and Volvo work separately. What would be th..
Write a C program that requests a student to enter his/her marks then grade the student. Use conditional statements to make sure that all the possible grades are included?
Why did the ban effect the price? Illustrate using a figure and explain. Show the welfare effects in your figure. Use a table to show who gains or loses.
If homeowners purchased a $250,000 home with a zero-down, interest-only mortgage, and the value of the home subsequently fell to $200,000, in order to sell the house and move to another city, the homeowners would be required at closing to pay (in add..
Illustrate what are the new long-run equilibrium values of these three variables.
In the text, we suggested that for well-off individuals with uniform taxation, preferences for education were not single-peaked. Why might preferences for local parks and urban public transportation systems (e.g., buses and subways) also not be singl..
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