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With probability p, you will catch a disease that reduces your income from y, its level when you are healthy, to y-k, where k > 0. A vaccine is available, at cost c, that reduces the probability of your catching the disease from p to q<p.
a) Suppose that you know the values of p, q, y, k, and c, so that the only thing about which you are uncertain is whether you will catch the disease. Write the condition that determines whether or not you should buy the vaccine. b) Now suppose that you know y, k, and c, but neither p nor q . Which is more relevant to your decision, the percentage amount by which the vaccine reduces the probability of catching the disease (what is usually reported in the press), or the absolute amount? Explain. c) How do your answers to (a) and (b) change if you are a risk-averse expected-utility maximizer?
If a recessionary gap were to appear, how might the economy adjust? Can/should we rely on it to adjust itself? Is it possible that the economy will never adjust to a gap, and things will just get worse and worse?
The costs of manufacturing steel declined substantially from building a conventional hot rolled steel mill down to new mini mill technology that need only scrap metal,
1. Why is there such a difference in Asia's share of global real GDP, depending on whether the computation uses purchasing power parties or exchange rates 2. Why is Asia's "economic size" so much smaller on a per capita basis than on an absolute ba..
Joanne has decided to buy the Hummer and set up a commuter service between Boston and Lowell. There are 1000 people who will pay $400 a year for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation etc.
Determine the price, income and cross price elasticity of demand and how would you characterize the demand for haddock?
What is the underlying message of the following lyrics from Keynes? [Keynes] Public works, digging ditches, war has the same effect. Even a broken window helps the glass man have some wealth.
How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
A major breakthrough that allows for on-site generation of electricity for an investment in the generating capacity but after that essentially a zero variable cost of electricity.
You're the manager of monopoly that sells the product to two groups of consumers in different parts of country. Group 1's elasticity of demand is -2, while group 2's is -6. your marginal cost of producing the product is $10.
Define the term Consumer surplus, Gien good and Income elasticity of demand using graph and equation.
Assume the recent volcanic events in Iceland, which disrupted European air travel significantly, represented just starting. In other words, assume that experts forecast a world-wide series of big eruptions from active volcanoes.
b. What is the Economic profit or loss you are making? c. What output level is the minimum point for Average Total Costs (ATC)? d. What output level, Q, and price/trip, P, will economic profits be zero? Note
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