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Rachel utility function is given by U= I1/2, where I represents annual income in thousands of dollars.
a. Is Rachel risk loving, risk neutral or risk averse?
b. Suppose Rachel is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
She is offered a chance to take a new job that offers a 0.5 probability of earning $25000 and a 0.5 probability of earning $16000. Should she take the new job?
Assume the airline industry consisted of only 2 firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Suppose the demand curve for industry is given by P = 100 - Q and that each firm expects the other to ..
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
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The Mor Tex Company assembles Garments by hand even though a textile machine exists that can assemble garments faster than a human.
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Is this type of bonus structure in the interest of the company? Use theoretical and graphical insights from chapter five of the textbook to explain your reasoning.
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