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(a) Plot the following three utility functions that relate utility U to wealth W, for values of wealth in the range 1. . . 50, using a spreadsheet tool such as Excel: UA = 2W -0.01W2 ; UB = 2W; UC = 2W +0.02W2.
(b) State whether each utility function displays risk neutrality, risk aversion or risk love.
(c) Judging from the shapes of the functions you have plotted, do they display increasing, constant or diminishing marginal utility?
Why does prohibiting it often work better in theory than in practice?
Using an appropriate restricted regression, test the hypothesis that comten and ceoten have equal and opposite e?ects on log(salary).
Briefly discuss four activities a business machines salesperson might engage in relating to his or her primary selling function, and four he or she would engage in beyond selling related to this modern view.
The income elasticities of demand for movies, dental services, and cloting have been estimated to be +3.4, +1, and +.5, respectively. Interpret these coefficients. What does it mean if an income-elasticity coefficient is negative
Suppose Ben has a utility function U(x,y)= 4 * x^(0.5) * y^(0.8) The price of x is 2 dollars and the price of y is also 2 dollars. Explain WITHOUT USING ANY MATH AT ALL, just in a few words, which good is consumed more. Does Ben buy more x than y.
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Place technological goods along the y-axis and pharmaceutical goods along the x-axis. Tradeoffs That Occur Between Pharmaceutical and Technological Products Pharmaceutical 50 45 35 20 0 Technological 0 2 4 6 8
Indicate on the graph the point of market equilibrium Complete the last column indicating at each price level whether the market has a surplus or a (shortage) and by what amount
BMW sells 5,000 vehicles in the US. The export price is €40,000. The exchange rate is €1= $1.25. US price elasticity of demand for the German import, in terms of the $ price, is-2. The cost of each vehicle is €30,000.
Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost. Unit of Output TC TFC TVC ATC AFC AVC MC
Natural real GDP grows by 3 percent per year over the next five years, but then grows by 4 percent in the second year, 5.5 percent in the third year, 4.2 percent in the fourth year, and 3.5 percent in the fifth year. Calculate the cumulative loss..
Assuming that people hold no currency, what happens to each of these values if the central bank changes the reserve requirement ratio to 3%, banks still want to hold the same percentage of excess reserves, and banks don't change their holdings of ..
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