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Consider a household that possesses $100,000 worth of values (computers, electronics, jewelry, etc). This household faces a 0.10 probability of a burglary. If a burglary were to occur, the household would have to spend $20,000 to replace the stolen items. Suppose it can buy an insurance policy for $500 that would fully reimburse it for the amount of the loss.
a) Should the household buy this insurance policy? Explain briefly.
b) Should it buy the insurance policy if it costs $1,500? $3,000? Explain briefly.
c) What is the most the household is willing to pay for this insurance policy?
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
Based on Problem 1, assume that G=0 in all periods but in period 1, taxes decline by 15. What happens to output/income(Y)
Discuss on relationships between production and cost, highlighting the equivalence between diminishing marginal productivity and increasing marginal costs.
Assume that the market demand for bus rides is given through Q=420-30P and market supply of bus rides is given through Q=30P, where Q is bus rides each week in thousands
Compare these nominal interest rates with the current rate of inflation as measured by the most recently announced rate of change in the consumer price indexIf the current rate of inflation were to continue unchanged, what real rate of interest wo..
Find the probability that on a given Tuesday more than 30 students will be absent and compute the expected value of X
Ageless Corporation has a patent for a new promising age defying moisturizer cream. The yearly demand, marginal revenue, and marginal cost functions for this cream is given:
How much should the retailer set the camera price at in order to maximize his own profit and what is the most logical explanation to what may have happened assuming that both companies kept doing business afterwards as usual?
Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal agent problem?
Give two conditions that are important to the efficient market theory. List one implication of the efficient market theory.
Write down a short memo to Ralph Sampson describing the analysis that the company should do before it makes this decision and any other considerations that would affect decision.
Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7-Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
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