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Lakisha has a utility function for income given by U(I)=√I. Lakisha is ___ (risk averse/risk loving/risk neutral).
Lakisha is considering an investment that would give her an income of $10,000 with a probability of .5 or an income of $20,000 with a probability of .5. The expected utility of this investment is___. (Answer to two decimal places.)
Lakisha is also considering a safe investment that returns a certain income of $14,000. Given her utility function, Lakisha would prefer the investment with ____ (uncertain/certain) income.
An elderly physician has built up his own practice into a quite valuable business. Now that he is thinking of retiring, he wants to take on a partner to learn the business and eventually buy the practice in three years. Discuss the plusses and minuse..
for each of the following describe some of the potential opportunity costsa. studying for your economics testb.
Use the IS-LM model to predict the short-run impact on the interest rate and output if the central bank pushes interest rate down at the same time that both consumption and investment fall due to a financial crisis.
Suppose that the cost function of a firm is C(q) = 10 + 3q + 0.1q 2 and that it operates under perfect competition. If p = 4, find the optimal quantity, the costs, the revenue and the profits. Find the price at which the firm makes zero profits, that..
Assume that the job separation rate s is 0.01 (1%) per month and that the job finding rate f is 0.2 (20%) per month. Assume that the labor force today (period t = 0) is 100 million. What is the steady state unemployment rate for this economy?
According to a study, the scale of scores on an IQ test of adults is approximately Normal with mean 98 and standard deviation 17. The organization MENSA, which calls itself "the high-IQ society," requires an IQ score of 130 or higher for membership. ..
An interest rate of 10% compounded continuously is desired on an investment of $15,000. How many years will be required to recover the capital with the desired interest if $2,030 is received each year? (Please show formula used and work)
A firm has the production function Q=L times K. For this production function, MPL=K and MPK=L. The firm initially faces input prices w= $1 and r= $1 and is required to produce Q bar= 100 units. Later the price of labor, w, goes up to $4. Find the opt..
You are a management consultant of a major MNC that is replacing the leadership team in its strategic business unit in Australia. This strategic business unit has a staff of 30,000 and is manufacturing small electronic equipment for export. What type..
According to tournament theory: Pay gaps between job positions get larger at successively higher levels in the organizational hierarchy. High executive pay is due to moral hazard. People seeking the CEO’s job compete to acquire the right signal about..
Exploring a new coal mine costs $100,000 and has a 40 percent chance of finding $500,000 of coal and 60 percent chance of finding $100,000 of coal. The expected value of perfect information is:
Do architects have a responsibility to our society, or should they be able to design whatever they want?” Obviously, architects must design buildings that are safe for people to live in, but what about size, shape, appearance, and materials? Artists ..
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