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Question: An orange grower in Florida faces a dilemma. The weather forecast is for cold weather, and there is a 50% chance that the temperature tonight will be cold enough to freeze and destroy his entire crop, which is worth some $50,000. He can take two possible actions to try to alleviate his loss if the temperature drops. First, he could set burners in the orchard; this would cost $5,000, but he could still expect to incur damage of approximately $15,000 to $20,000. Second, he could set up sprinklers to spray the trees. If the temperature drops, the water would freeze on the fruit and provide some insulation. This method is cheaper ($2,000), but less effective. With the sprinklers he could expect to incur as much as $25,000 to $30,000 of the loss with no protective action. Compare the grower's expected values for the three alternatives he has, considering the various possible loss scenarios for the burners and the sprinklers. Which alternative would you suggest the grower take? Why?
There are two firms (a,b) and two consumers (1,2). Consumer 1 is more attached to firm a and consumer 2 is more attached to firm b. The maximum price that any consumer is willing to pay is $12. However, if the price difference is greater than $d, the..
What is the relationship between inflation, nominal GDP growth and real GDP growth?
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Suppose you bought a ticket to a football game for $30 and that you place a $35 value on seeing the game. If you lose the ticket, then what is the maximum price you should pay for another ticket?
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Jennifer spends all her income on two goods, X and Y. In Year 1, P X = $15 and PY = $24, and at her utility-maximizing equilibrium she bought 20X and 30Y.
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Conduct a cost-benefit analysis of obtaining a graduate degree. Assess both the long-term and short-term costs and benefits to decide why some people pursue extra education while others do not.
Suppose that acountry bandcalledOnly Herehas released its first CD withWantedRecords at an intended list price of? $14.99. Music stores have discovered that they can markup the price to? $17.99 with continued strong sales. What information does th..
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