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Your current wealth level is M=49, and you are forced to make the following wager: if a fair coin comes up heads, you get 15; you lose 24 if it comes up tails. Your utility function is U(X)=sqrt(X).
A. What is your expected value of this gamble?B. What is expected utility?C. What is the most you would pay to get out of the gamble?
It is well documented that carbon monoxide (CO) emissions from combustible engines increase in colder climates. This implies that damages are expected to be less severe in summer months than in winter. Nonetheless, air quality control authorities..
Let X denote the reaction time, in seconds, to a certain stimulus and Y denote the temperature (F) at which a certain reaction starts to take place. Suppose that the two random variables X and Y have a joint density function f(x,y)= y, 0
Suppose there are n identical firms in a market. Each firm has fixed cost equal to 392, and variable cost given by VC = 2q^2, where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC..
A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is S = 50 + 5P. The domestic demand curve is D = 400 - 10P. In addition, each unit of production yields a marginal social benefit of 10. a. C..
Suppose there is a boombox market that has the following demand curve: P=400-20Q and there are N firms, each with a marginal cost of 30. How many firms must there be for the cournot equilibrium price to go below 40
if a consumer has indifference curves that are convex to the origin but have a kink in them (similar to the perfect complements example, except the angle at the kink is greater than 90 degrees) how can we determine the optimal bundle
A perfectly competitive firm has a total cost function TC(Q)=10 million + 5Q + Q2/10,000. Of its total fixed cost of $10 million, $9 million can be avoided if the firm produces an output of zero, but $1 million is completely unavoidable.
julie has preferences for food, f, and clothing, c described by a utility function u(f,c)+f*c. her marginal utilities are Muf=c and Muc=f. suppose that food cost $1 a unit and that clothing costs $2 a unit. julie has $12 to spend on food and cloth..
When will America's longest running economic expansion in history come to an end? One way to predict is to look at what happened in the past. The usual causes include:
Determine the uniform quarterly series in quarters 0 through 12 of a cash inflow of $5,000 in quarter 1; $10,000 in quarters 2 to 5; and $12,000 in quarters 6 - 12 with an interest rate of 15 %.
Plant B was constructed 2 months ago; it has a pollution abatement cost of 10c2. Assume that neither plant is initially engaging in pollution abatement. The per unit benefit to a unit of pollution abatement is constant at $1500. Unless told otherw..
Calculate the equilibrium price and quantitiy in the chocolate market. How much does a firm of each type produce Calculate the consumer and producer surplus What is the producer surplus for an individual firm of each type
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