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Question 1
Why does the assumption of independence of risks matter in the example of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated? Can you think of a situation where they might be negatively correlated?
Question 2
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms? Give some reasons why and some reasons why not.
What is the relationship between the average variable cost and marginal cost and relation between average product and average variable cost?
Discuss and explain the income and consumption relationship make sure to describe marginal propensity to consume. If you received an extra dollar, how much of it would you spend?
Are you in favor of either deficit spending on the part of government or one of a balanced federal budget and budget surpluses?
Furniture manufacturing involves a huge number of options to satisfy consumer preferences, but this extensive set of choices slows production and raises costs.
Construct a numerical example to show that as marginal product (MP) rises, marginal cost (MC) falls. Explain your answer and use tables and graphs to illustrate.
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
What is the cost of using this machinery for one year? How would your answer be different if the machinery had not yet been purchased?
Show the impact on the equilibrium price and quantity that results from; (1) an increase in demand and (2) an increase in supply.
State the commodity in which each country has absolute advantage and identify the commodity of comparative advantage for each country
Using ideas of consumer and producer surplus analyse this claim. Is there a case for price controls on housing?
Explain two different markets where has been a market disequilibrium. That is, there is a shortage or a surplus. Briefly explain the supply and demand curve.
Would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students? Why and how does a student's income elasticity affect the demand for higher education at College?
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