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Your utility function is U = ln(2C) where C is the amount of consumption you have in any given period. Your income is $40,000 per year and you have no savings. There is a 2% chance that you will be involved in a catastrophic accident that will cost you $30,000 next year. a. What is your expected utility? b. Calculate an actuarially fair insurance premium. What would your expected utility be if you were to purchase the actuarially fair insurance premium? c. What is the most that you would be willing to pay for insurance, given your utility function?
Describe the organizational structure of your selected organization. Evaluate and difference that structure with two different organizational structures.
Senior citizens and students have a relatively less elastic demand compared to other potential moviegoers. The government requires lower prices for senior citizens and students. Senior citizens and students have a relatively more elastic ..
The Federal Reserve has not formally adopted inflation targeting. The inflation target, stated or implicit, is usually around 2%. The Federal Reserve chairman credited with ending the Great Inflation is
Explain how does the subsidy affect consumer surplus, producer surplus, tax revenue, and total surplus. Does a subsidy lead to a deadweight loss. Explain
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. Give the profit after calculating the profit-maximizing price and quantity. ..
Suppose you explain the concept of an inflation tax to a friend. You correctly tell them, "When a government prints money to cover its expenditures instead of taxing and borrowing, it causes inflation. An inflation tax is simply the erosion of the va..
Show graphically and explain why the imposition of a minimum wage results in both winner and losers in the labor market. On your graph identify the gains to the winners and the losses to the losers.
Consider a model of unemployment where the change in the unemployment rate (u) is given by Δu = (b+s)-(b+s+f)u, where b is the rate of entry in the labor force, s is the separation rate, and f is the job findings rate. Derive an expression for the st..
select a new good or service for an existing business or a business that you want to develop. write a 2500- to
A business has launched a new product line that has resulted in significant business and related data growth. A database/TPS application is facing issues with using too much disk storage. It is becoming critical and the organization may need to buy a..
A) Why has Uber cut prices substantially? ($500) B) What assumptions has Uber made about price elasticity of demand among its customers? ($500) C) If customer demand is price inelastic, will total revenue rise or fall? Explain your answer in 1-2 sent..
Which of the following best describes the relationship between productivity and standard of living?
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