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Bubba Wildcat has the opportunity to buy a tract of land under which he believes there is oil with 0.40 probability and natural gas with 0.60 probability. After buying the land he can choose to make a test drill for $10,000 to gather more information. A "positive" result indicates there is oil. The false positive rate is 20%, and the false negative rate is 10%.
The expected cost of full-scale drilling is $100,000 regardless of whether there is oil or gas or whether he made a test drill or not. If oil is discovered, Bubba will receive an expected income of $150,000 above the cost of the land. If natural gas is discovered, then Bubba will receive an expected income of $50,000 above the cost of the land. Assume Bubba is risk neutral. Draw a decision tree, and solve for an optimal decision plan for Bubba.
consider the employee-employer relationship - an employee would like to be paid but also gets some benefit by
During the 70's and 80's the goverment of many countries in Europe and North America banned the advertisement of cigarettes on televisions. Suprisingly, this attracted little protest from the cigarette manufacturer's.
Suppose that Densa Inc. falls 10 percent short of producing the profit maximizing output. Would a higher product price lead to greater output Would an increase in input prices lead to a reduction in output
dayton metal corporation dmc a medium-sized manufacturer of fabricated metal parts is considering whether to enter the
why do keynesian economists believe market forces do not automatically adjust for unemployment and inflation? what is
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Identify the firm"s supply curve on your graph. d. At what price would the firm supply exactly 6 units of output
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Your report should be approximately two pages in length, you should use diagrams wherever appropriate and clearly state any assumptions underpinning your analysis.
Write about the problem or issue as if you are explaining it to someone who has never taken an economics class.
Show graphically how regulating the value of a monopolist can both increase quantity and lower price.
the mission statement for the organization of petroleum exporting countries states the mission of the organization of
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