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For each of the following utility (of income) functions, decide whether they represent risk averse, risk neutral, or risk loving preferences: a) U(I) = 25 + 2I (risk neutral) b) U(I) = 2I^2 (risk loving) c) U(I) = 5I^0.5/2 (risk averse)
Assume that the demand for iron (the primary component of steel) is Q = P^(-a)? , where the exogenous parameter a>0 takes some fixed value. For all parts assume that the iron market is in equilibrium. Find the inverse demand curve for iron. Does the ..
The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. What will be e..
In a six-firm market, if all firms charge the monopoly price, the profit equals $120,000. In that same six-firm market, if all firms instead charge the prevailing price, the profit is $60,000. If the pricing period is one-month long, what is the maxi..
What would happen if the government chooses to increase the number of years that a firm can enjoy patent protection from 20 years to 25 years?
During 2007, the United States and Japan announced possible limits on Chinese imports through higher tariff rates on Chinese products. To avoid these limits, China would have to: decrease the value of the yuan and increase its trade surplus
Under the responsibility scheme proposed by the Taiwan government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view?
In some country, the rate of inflation is expected to increase from 2 percent to 5 percent and people fear that the increase will be permanent if the central bank does not take action. In both diagram and text, indicate clearly whether you deal with ..
In Where Angels Fear to Tread, we see several different types of relationships. Identify a relationship corresponding to each of Aristotle’s three types of friendship. What is it about each relationship that causes it to fit into that particular type..
You have decided to buy a small apartment building for $100,000 near a local college. You used $10,000 as a down payment and obtained a mortgage from a local bank for the remaining $90,000. The annual mortgage payment to the bank is $11,500. You expe..
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
If the price elasticity of demand is E = -1/2, a 10% increase in the price will
Other things equal, what effect will each of the following have on the equilibrium price level and the level of real output? Equal increases in aggregate demand and aggregate supply. An increase in aggregate demand in the steep portion of the aggrega..
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