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An Investment firm offers free financial planning seminars at major hotels for groups of 30 individuals. Each seminar costs them $4,000 and the average first-year commission for each new enrollment is $6,000. The firm estimates that for each individual attending the seminar, there is a 0.05 probability that he/she will enroll.
a. Calculate the expected profit per seminar.
b. Would you recommend the investment firm to continue running the seminars? True or False
Consider a monopsonist in the labor market. Let the labor supply be given by L = 4w, where L is the employment level, and w is the wage rate. Suppose that the monopsonist has the production function F(L) = √ L. What is the wage rate and employment l..
What is the value of a statistical life? How is it estimated? What are some issues associated with its use?
Assume that the typical household behaves according to Irving Fisher's two period model, that consumption in both periods is a normal and that households are initially savers.With the aid of a diagram, analyse how a tax cut in period two affects cons..
The average cost of a certain model car was $18,000 ten years ago. This year the average cost is $30,000.
Using the theory of cost-shifting, describe what happens to the fees paid by private patients when Congress lowers the amount Medicare pays for services to the
Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit? Explain using e..
Some remedies and preventive measures have been put forth to slow or forestall currency crises, such as capital controls and intermediate regimes (i.e., fixed or floating exchange rates). Discuss these measures and comment on whether they would be..
Suppose firm 1 and firm 2 each produce the same product and face a market demand curve described by Q= 5000 - 200P. Firm 1 has a unit cost of production c1 equal to 6 whereas firm 2 has a higher unit cost of production c2 equal to 10. what is the Ber..
Calico Computing is a firm that sells software integration and infrastructure packages to schools and universities. Georgia Redding is an inside sales representative with Calico Computing. As an inside sales representative, her sales presentations ar..
(a) Compute the unit manufacturing cost for the daytime shift. (b) Would adding a second shift increase or decrease the unit manufacturing cost at the plant?
The demand function for a firm’s product is Q(P) = 50!P/10. The firm’s cost of production is-For this part only, change the demand function by assuming that demand (at any given price) is half of what it was before. In this new situation, calculate t..
how much should you be able to get if you sell your future inheritance to the Neopolitan Bank (or any other bank) right now? Explain your work and why your answer makes intuitive sense.
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