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Rising Insurance Rates. Consider an insurance company that provides group medical coverage for university employees. The company discovered that some of its younger employees had switched to other insurance companies. The company responded to the loss of customers by increasing its price. This is puzzling because you might think the insurance company would drop its price to prevent other employees from switching to other companies.
a. What is the rationale for increasing the price?
b. If you change one word in the second sentence, it would be logical for the insurance company to decrease rather than increase its price. What is the word, and why is it decisive?
Geoff and Hank are friends who are attending a "casino night" at a charity fundraiser. The event costs $100 to get in, which they have already paid. Once inside, there's a table at which you can gamble: for $10, you can flip a coin.
Assume that Vik reduces its price and increases its sales to 90 pairsandthat this also causes a fall in Fleet's sales to 70 pairs per week. What isthe cross-elasticity between the two products?
A small country imports a product with a world price of $9. The domestic industry is composed of numerous small firms who together have a supply function Q = 2P/3. The domestic demand function is Q = 40 - 2P. There is a tariff of $3 per unit.
Video cards based on Nvidia's GeForce2 processor typicallycost $250. Nvidia realeased a light version of the chip that costs $150. If a certain game makerwas purchasing 3000 cards per quarter,
A large equipment rental company wants to estimate the mean number of days a piece of equipment is rented out. A random sample of 14 recent rentals shows a mean of 2.14 days and a standard deviation of 1.29 days.
A delivery company is considering adding another vehicle to its delivery fleet, all the vehicles of which are rented for $100 per day. Assume that the additional vehicle would be capable of delivering 1750 packages per day
Considering the economic costs of shopping, which option is better, i.e., shopping in Kuala Lumpur or shopping at Klang, Selangor?
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent r..
Qs= 3p Qd= 100-2p a) Suppose a tax of $5 is imposed on the buyer. What will be the price paid by the buyer after this tax What will be the price received by the seller What quantity is sold Show your calculation.
The company's new economist has calculated a short-run production function as follows: Q = 7L + 0.6L^2 - 0.1L^3 . Where Q is the number of widgets produced per day and L is the number of production workers working an eight-hour day.
A movie theater has estimated that the demand for a movie ticket can be written as P1 = 10 - Q1 for senior citizens and P2 = 12 - Q2 for the rest of the customers. The marginal cost of a movie ticket is $1. If the movie theater practices third-deg..
The market demand curve for cable is P = 1000 - Q, where Q, the firms output, is here the number of hundreds of households with cable. The cost of supplying Y hundred households with cable is TC(Q ) = 500 - 50Q + 2Q*Q.
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