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1. Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated? Can you think of a situation where they might be negatively correlated?
2. Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms? Give some reasons why and some reasons why not?
Describe the factors that may cause economies and diseconomies of scale. Give an example of each. Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
1. Describe Senator Reid's delivery style 2. What type of presentation is Senator Reid giving Is this the most effective style of presentation for this situation Why or why not
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
When a household buys a new house, does that represent consumption, saving, or investment? What factors may influence a household when deciding between buying stocks, bonds, or a house?
Choose an existing good or service from Will Bury's Price Elasticity, Incremental expenses, or Thomas Money Service Corporation scenarios, or choose an existing business with which you are familiar.
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
Elasticity of demand for each of the following showing all calculations and
Plot these curves on graphs. Compare the cost curves and discuss their characteristics.
Does the answer to b depend on how much labor and capital are used If the price of labor is $4 per hour and the rental rate of capital is $5/hour, how much of capital and labor should be used to minimize the cost of production
Fall proportionately more than the change in GDP, Fall proportionately less than the change in GDP, Rise proportionately more than the change in GDP
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
What is the equilibrium price and quantity and assume that changes in fashion cause the demand for tshirts to rise by 4 million at each price. What will be the new equilibrium price and quantity?
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