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Question: On the fictitious television game show, "Marginal Analysis for Everyone," the host subjects contestants to unusual tests of mental skill. On one, a contestant may choose one of two identical envelopes labeled A and B, each of which contains an unknown amount of money. The host reveals, though, that one envelope contains twice as much as the other. After choosing A, the host suggests that the contestant might want to switch. "Switching is clearly advantageous," intones the host persuasively. "Suppose you have amount x in your Envelope A. Then B must contain either x/ 2 (with probability 0.5) or 2x (also with probability 0.5). Thus, the expected value of switching is 1.25x. In fact now that I think about it, I'll only let you switch if you give me a 10% cut of your winnings. What do you say? You'll still be ahead." "No deal," replies the contestant. "But I'll be happy to switch for free. In fact, I'll even let you choose which envelope I get. I won't even charge you anything!" What is wrong with the host's analysis?
A decrease in person's real wage necessarily means
What is the most you would pay to call her and ask for the result? Be sure to show the decision tree that fuels your reasoning.
Microsoft has been a giant in the software industry. Can we define Microsoft as a monopoly? Please describe. In addition, whether the Learner Index works well to define the market power for Microsoft in the software industry? Describe your answer.
How can a firm determine an optimal two-part tariff if it has two customers with different demand curves? (Assume that it knows the demand curves.)
draw the budget line and the relevant indifference curve for a consumer who is initially a borrower. indicate the
When profit-maximizing firms in competitive markets are earning negative economic profit, Select one:
Suppose Dan has a daily variable cost of VC = Q2/2, a marginal cost of MC = Q, and an avoidable fixed cost of $50 per day.What is Dan’s supply function.Graph Dan’s supply function.
Lead to an increase of 500 in national income
The pharmaceutical industry often has the luxury of implementing pricing strategies that appear high to consumers. Take a position on the fairness of the industry's approach to pricing pharmaceutical products including offering an alternative stra..
Suppose a portfolio of risky assets has an expected return of 5.57% [E(r) = 0.0557] and a standard deviation of 20.33% [? = 0.2033]. For the questions below assume normal distribution. What is the probability that the portfolio will fall by more than..
the gpi bookstore orders sweaters with the gpi logo on them and sells them for 40 a piece. during a typical month 80
1.Flank defense: protecting a weak flack by erecting outposts 2.Contraction defense: giving up weaker territories and reassigning resources to stringer territories. what's the diffrence between Flank defense and Contraction defense?
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