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1. Best Buy offers a protection plan for new smartphones at $132. The absolutely most expensive iPhone you can buy right now is $700. Assume for a moment you are a very cautious but forgetful person: you would never, ever drop or damage your phone, but you might lose it. How likely must you be to lose your phone for $132 to be an actuarially fair price for mobile phone insurance? [Hint: you're solving for p, the probability of losing your phone. Not losing your phone, therefore, happens 1-p percent of the time.]
2. If your demand for some good x is X=0.3 I/Px
a) is X a normal or inferior good? Show me how you know.
b) is good Y a substitute or complement for good X? Again, show me how you know.
Calculate the elasticity of demand, using the midpoint formula, as price drops from $6 to 5, then from 5 to 4, 4 to 3, 3 to 2, 2 to 1, and, 1 to 0. For each calculation in part c, state: if the price elastic, unitary or inelastic; what portion of the..
Data show that the age earnings profiles of woman are considerably lower and flatter than those for men. Can you explain these differences?
Nutritional Sciences LLC sponsor the “Quarter Million Dollar Challenge,” a contest requiring contestants to use the company’s nutritional products and training plants to lose weight and get in shape during A 13-week period. A panel of judges would se..
How low much a quota be to have an impact on trade? Using a demand -and -supply diagram, illustrate and explain the net welfare loss from imposing such a quota. Under what circumstances would the net welfare loss from an import quota exceed the net w..
Suppose the price elasticity of demand for bread is 1.00. If the price of bread falls by 20%, the quantity demanded will increase by: Suppose that a 20% decrease in the price of good Y causes a 20% increase in demand for good X. The coefficient of cr..
By what factor does this firm mark up its price over marginal cost? c. Do you think this firm enjoys much market power? Explain.
What are some of the reasons the United States has run up such huge deficits on its trade balance (we import much more than we export)?
This marginal cost is the only cost associated with the product. Illustrate what are the profit-maximizing price also quantity. Illustrate what are your optimal price also quantity.
The reliance on short-term foreign capital inflows in Asia preceding the financial crisis
What should the role of the government in terms of the Internet taxation and Internet content? Based on which of the roles of government? The Internet Taxation issue is that if you buy products from online sellers than you may not pay sales taxes, bu..
First, compare fares and product offerings of low-cost-carrier and a comprehensive network carrier from either the U.S. or Europe. Compare and contrast the ticket prices and product offerings of the two airlines. Use care that the fares are comparabl..
Nash equilibrium is:
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