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A person has an expected utility function of the form U(w)=w^1/2.He has an initial wealth of $25.He also has a lottery ticket that will be worth $75 with probability 1/2 and will be worth $0 with probability 1/2.
a) What is the person's expected utility?
b) What is the lowest price p at which the individual would be willing to sell (or part with) the ticket?
c) Suppose the individual's initial wealth is$50.Repeat parts (a) and (b).
d) compare the value of p between (b) and (c)and explain the difference in economics terms.
What is the relationship between goods x and y? Explain carefully. Using income as your primary factor, identify what category Good X falls into. Find the price elasticity of demand. Find the income elasticity of demand. Find the cross-price elast..
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suppose in 2010, the cost of a market basket of goods was $2001. In 2012, the cost fo the same amrket basket of goods was $2,105. Calculate the price index for 2012, using the price index formula, asume 2010 is the base year________
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Charlie has the utility function U(xA, xB) = xAxB. His indifference curve passing through 35 apples and 18 bananas will also pass through the point where he consumes 10 apples and bananas.
John is considering bidding against Dave for an endorsement contract. He estimates it will cost $ 1 million to prepare the demo that must accompany the bid. The profitability of the contract depends on the bid price John submits. He could choose t..
Use the given equation and determine the demand equation as a function of Ps if the price of other pastas (Po) is $2,
The tensile strength of spot welds produced by a robot welder is normally distributed, with a mean of 10,000 psi and a standard deviation of 800 psi. For a simple random sample of n=4 welds,
Suppose that the price of salt rises from 15 cents to 17 cents a kilogram. The quantity demanded decreases from 525 kilograms to 475 kilograms per month, and the quantity supplied increases from 525 kilograms to 600 kilograms per month.
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