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Suppose that you have the opportunity to accept two different jobs. The first one pays you $75,000 with certainty and the second one has a 25% chance of paying you $125,000 and a 75% chance of paying you $50,000.
Your utility function is U = Y^0.5.
Which job do you choose? Describe the expected utility versus the expected income.
For each group identified in bold type below, use the labor-leisure choice model to illustrate graphically and then explain the change in the quantity of leisure desired. Be sure to explain how the group’s labor force participation rate is affected. ..
Elmer Fudd likes to hunt “wabbits” but also likes to hunt duck. His utility function can be expressed as U(W,D)= 1/(-(2W^2+D^2 )^2 ). Write the tangency condition, what can you tell me about Elmer’s preferences? Suppose that the price of hunting Duck..
Determine if the following situations describe a game or a decision. Indicate what specific features of the situation caused you to classify it’s you did. A party nominee for president of the United States must choose whether to use private financing..
If the price of 35 inch HDTVs declines by 20% and the total revenue from the sale of 35 inch HDTVs rises, what can you say about the price elasticity of demand for 35 inch HDTVs? Will this price reduction necessarily lead to an increase in profits fo..
Calculate the substitution and income effect for the utility function: u(x,y) = x + lny and show that the Slutsky equation applies to those cases.
Imperfect competition is the norm, so healthcare markets cannot work. Analyze this comment and explain your answer. The existence of market failure does not signal what should be done in response.
What is expected salary of a CEO who has been with company for years. Construct a 95% confidence interval on prediction for average CEO who has been with company for 10 years.
The state of NJ recently passed an increase in the minimum wage, how will this impact wages and the quantity of labor? Make sure to include the appropriate graph (starting with the initial equilibrium price and quantity) as well as who the potential ..
From FDR's Folly Chapter 15: Explain and critique the current policy of the Supreme Court in determining whether or not a law is constitutional using analysis of fundamental and non fundamental rights, and give two examples each of fundamental and no..
In the aggregate expenditure model, assume that the consumption function is given by C = 800 + 0.8 (Y - TP), that planned investment. I. equals 200, and that the government purchases, G, and taxes, TP, each equal 200. Assume that there is no import o..
Select a business you are familiar with. Describe its organizational structure. How are the departments organized? Explain why that organizational structure is a good fit for the business.
Utopia is described by the following equations: C=80+0.75Y I=115-10r T=20+0.2Y M=20+0.05Y G=200 X=100 Money supply=450 L=110+0.55Y-10r F= -60+2r B= F+X-M Calculate: (a) Equilibrium output level and the equilibrium interest rate plus the position on t..
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