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Q1. Given the choice between A($1000, p = 1.0) and B($1200, p=0.90), Kathy prefers gamble A. Does this mean she is risk averse? Explain. When offered C ($1000, p=0.20) and D($1200, p=0.18), she prefers gamble D. Show that these choices are inconsistent with expected utility maximization.
Q2. Sharon buys a ticket in a small lottery. There is a probability of 0.7 that she will win nothing, of 0.2 that she will win $10, and of 0.1 that she will win $50. What is the expected value of Sharon's winnings?
Explain how the U.S. economy may self-correct back to the long-run equilibrium where actual GDP equals to full GDP and there is full employment.
Discuss some of the methodological and measurement problems one might encounter in using time-series data to estimate the parameters of this model.
Suppose that a mysterious in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50%.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
Explain how each change mentioned in the article impacts upon the aggregate expenditure model.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit?
Consider a mutual fund with $720 million in assets at the start of the year and with 10 million shares outstanding.
Someone proposes to buy the farm from you for $1 million. Would you make more by selling the farm or keeping it
Think our company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs.
Expectations and consumer confidence are important in determining fluctuations in aggregate spending. In your opinion, what is the present status of consumer confidence.
What do you imagine about the interest on payday loans is too high or just right.
Compare and contrast inflation and deflation. What are some of the damaging effects that each has on an economy.
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