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Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. Conditional on being employed today, the probability of being fired is δ=.05; and conditional on being unemployed today, the probability of finding a job is ω=.5
a) What is the probability of staying employed? (b) What is the probability of not finding a job? (c) Suppose that we know that today (Monday) the fraction of people who are employed is 0.95, what is the fraction of people employed tomorrow (Tuesday)? (d) What is the steady state level of employment?
Tim is offered two gambles. With gamble A, he either gains $2 or loses $1 with a 50 percent probability. With gamble B, he either gains $3 or loses $2 with a 50 percent probability. Tim prefers gamble B to gamble A. What can we conclude?
q1. calculate the range of marginal revenues on the vertical portion of the mr curves at the level of output where a
q. two companies a as well as b are duopolists that produce identical products. demand as well as for the products is
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the consumer surplus in the market ? Suppose demand is still described by P=5.10-0.80Q and supply is described..
Gliberace's Fashion Accessories of Las Vegas produces gem-stone encrusted formal wear for sale in Los Angeles and San Francisco subject to total cost TC = 100 + 5(QLA + QSF). Demand for Gliberace's stones in the two cities is given by QLA = 70 - 2PLA..
Explain the Mutiplier Effect. Try to explain it in some detail so that someone who did not know anything about economics would be able to gain a fundamental understanding of it. Use a visual aid to help the observer understand the concept.
Which of the following defines the quantity demanded?
q.suppose that a professor p has recruited a teaching assistant mr. a. professor p needs to increase her payoff
The distribution of the weekly production is approximately normally distributed with a standard deviation of 60 units. If the bonus is paid on the upper 5 percent of production, the bonus will be paid on how many units or more.
Illustrate what do economists mean when they say that private goods tend to be produced in the right amounts.
For a given level of inflation expectations, if the central bank increases the money supply growth rate, then in the short run
q. 1. what is a business organization?2. what is the most common form of business organization?3. define sole
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