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Suppose that you have utility as a function of income (I) given by the equation: \(U = \sqrt{501}\)
Consider a lottery that provides a payoff of $0 with probability 0.75 and $200 with probability 0.25.
a) What is the expected value of this lottery?
b) What is the expected utility of this lottery?
c) What is your utility if you receive a sure payoff of $50? Compare this to the expected utility of the lottery and determine if you are risk adverse.
An engineering student requires to replace the battery in her car so that she can drive home for a vacation after Spring Semester. She has located following possibilities:
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Utilize the Heckscher-Ohlin and factor proportions framework with two factors, skilled and unskilled labor.
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Explain how and why the firms demand curve for labor will compare to that of the firms operating in a competitive product market, and the consequences for the firms employment of labor. No graphs or calculations are needed.
What is the cost of producing additional car when 50 cars are being produced? What is the cost of producing additional care when 150 cars are being produced?
If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development. Illustrate what condition would encourage research and development in..
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discuss the different economic theories of Milton Friedman. Why was he important? Has he helped or hurt our economy? If he were alive today, what do you think he would suggest as an economic plan for our economy? Would he agree or disagree with th..
Calculate the cross-price elasticity for the following goods. Are they complements or substitutes?
The demand for watermelons is highest during summer also lowest during winter. Yet watermelon prices are normally lower in summer than in winter.
Understanding the International Macroeconomy, According to the Solow growth model, there are two reasons why an increase in total factor productivity leads to an increase in output. What are those two reasons?
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