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Maritime Insurance Company offers insurance policies for recreational boats. A typical policy will pay the replacement cost of $25, 000 if the boat is a total loss. If the boat is not a total loss but the damage is more than $10,000, the policy pays $5,000. For damage under $10,000 no coverage is offered. The company estimates the probability of no damage to be 0.60 the proability of damage between $0 and $10,000 to be 0.25 and the probability of damage between $10,000 and $25,000 to be 0.12. If the company wants to make a profit of $200 above the expected cost what should be the price of the policy?
Depends on the demand curve above, what is the relationship between good X and good Z. What is the equation of the demand curve if consumer incomes.
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
The short run supply curve for an orange producer in Florida is P=.001Q, where Q is bushels of oranges produced in a year. The market value of a bushel of oranges is $20 a bushel.
Elucidate the fiscal policy also which factors limit its effect.
What do you think that they would be able to effectively reflect the true marketplace benefit and price.
Explain how do you plan to use this while making decisions about public expenditures.
British Prime Minister Lady Thatcher planned a poll tax that levied an equal amount of tax on every citizen regardless of his or her income.
How does an economy achieve macroeconomic equilibrium? What affect does a high level of inflation have on macroeconomic equilibrium?
Assume that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed following levels of production corresponding to different numbers of workers:
Do incumbent politicians utilize their power and influence to get re-elected. Is this a "valid" use of political power. How does this impact business firms. Please discuss.
Describe the difference in executive decisions concerning pricing, product design, and advertising between a company that exists in a perfectly competitive market and a company that lives in a monopolistic competitive market.
Suppose past year's real GDP was $7,000 billion, this year nominal GDP is $8,820 billion, and GDP deflator for this year is 120. Determine the growth rate of real GDP? Does this demonstrate an improvement in economic welfare?
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