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Beatrix has $109 of wealth. She is contemplating a gamble that gives her a 0.25 probability of winning $180 and a 0.75 probability of losing $60. Her utility function is: U(M) = ln(M)
1. Which is the expected value of her wealth?
2. Which is the expected utility of wealth?
3. Is Beatrix risk averse? Explain you answer using a graph.
Assume capital depreciates at 10 percent a year. Economy A has 1.000 units of capital while Economy B has 2,000 units of capital. Illustrate what must Gross Investments be in Each Economy to keep capital stocks Constant.
What reliance performance would be measured efficient. Elucidate reliance behavior which would be considered excessive.
How might healthcare reform increase productivity in the United States? c. How might healthcare reform decrease productivity in the United States?
The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
a competitive industry is comprised of 15 identical firms, each with a short-run total cost function
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
Illustrate what is the marginal cost of the first worker. Based on your knowledge of marginal analysis, how many workers should you hire.
Illustrate what factors might explain why the $A went so low when the Global financial crisis hit the world economy in late 2008?
How does the standard product of labor change when the industry utilizes 81 units of labor.
Assume that health production is subject to diminishing returns and that each unit of health care employed entails a constant rate of iatrogenic (medically caused) disease. Expalin why would the product of health function eventually bend downward.
Each firm has the usual U-shaped average-total-cost curve. The market is in long-run competitive equilibrium.
What will happen to price of old car taken as an inferior goods whose substitute is new car if income of the people rises.
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