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Suppose the Ajax Insurance Company provides insurance for skydivers whose wealth before diving is $400. An accident will leave divers with a wealth of $100. The company divides the divers into two classes: safe (probability of an accident = 0.2) and unsafe (probability of an accident = 0.5). The utility of wealth for all divers is given by the function: U(w) = w0.5. The utility of no insurance for the safe diver is:
For each of the following purchases, say whether you would expect the degree of imperfect information to be relatively high or relatively low: Why is there asymmetric information in the labor market? What signals can an employer look for that might i..
Suppose $1.69 = £1 in New York and $1.71 = £1 in London. How can foreign-exchange arbitragers profit from these exchange rates? Explain how foreign-exchange arbitrage results in the same dollar/pound exchange rate in New York and London. (£ represent..
Victor and Chris are playing a game. Both are supposed to call a number simultaneously and the number should be bigger than or equal to 0. Assume that Victor's number is x and Chris's number is y. If x>y, Chris wins and Victor should pay Chris $y. If..
What are the economic concept? What is market? What is a competitive market? What is supply and demand?
An business development executive travels extensively for business. Her company offers two options to offset her driving expenses. Option 1 provides a car allowance of 490 dollars per month and a mileage reimbursement of $0.34/mile for fuel, insuranc..
Was the welfare reform the right approach to poverty? Is street crime more harmful than white-collar crime?
Recreational use of marijuana has been declared legal in Oregon. How might this information affect the market for marijuana in Oregon?
Two students, Ryan Wattenberg and Emma Bennett, are discussing the idea of convergence over coffee. Ryan considers convergence to be true in theory but impractical in the real world. Most developed countries do not have similar resources endowments. ..
You must summarize the criminal conduct, identify offense by name and type (i.e., mass murder, a crime of violence, stranger to stranger), then discuss the following questions as outlined below. Discuss the crimes they committed, the reason(s) provid..
Suppose that the Fed unexpectedly pursues contractionary monetary policy. What will happen to unemployment in the short run? What will happen to unemployment in the long run? Justify your answer using the Phillips curve.
Suppose stock markets in the U.S. have a very successful month, and the indices increase by 10%. As a result, we can expect aggregate ______ to ______.
The nation of Acirema is “small” unable to affect world prices. It imports peanuts at a world price of $10. Now suppose Acriema imposes a production subsidy of $2 per unit produced by Acriema’s firms. Calculate and graph the new equilibrium with the ..
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