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Consider a household that possesses $100,000 worth of values (computers, electronics, jewelry, etc). This household faces a 0.10 probability of a burglary. If a burglary were to occur, the household would have to spend $20,000 to replace the stolen items. Suppose it can buy an insurance policy for $500 that would fully reimburse it for the amount of the loss.
a) Should the household buy this insurance policy? Explain briefly.
b) Should it buy the insurance policy if it costs $1,500? $3,000? Explain briefly.
c) What is the most the household is willing to pay for this insurance policy?
find the equilibrium price and quantity of cigarette packs and what is the price received by producers? The price paid by the consumers? The new market quantity?
Express output per worker (y=Y/L) as a function of capital per worker and the natural rate of unemployment and write an equation that describes the steady state of this economy.
In the classical model with fixed income a decrease in the real interest rate could be the result of a(n): If currency held by the public equals $100 billion, reserves held by banks equal $50 billion, and bank deposits equal $500 billion, then the ..
Use supply or demand graphs to examine shifts in supply and demand and resulting changes in market equilibrium in the condition below.
Draw a supply/demand diagram of the market for "loanable funds" in the U.S. Use the "interest rate" as the "price" of loanable funds on your diagram. Show the effects of a rise in the expected inflation rate on your diagram.
While sitting in your office one evening, you start to think about some of the key microeconomic messages you wish to communicate to the Board.
Fall proportionately more than the change in GDP, Fall proportionately less than the change in GDP, Rise proportionately more than the change in GDP
For many corporations, a major portion of the cost of production is fixed in the short run. Should these very large fixed costs be ignored when the executives are making output and pricing decisions?
Monetary Contraction Suppose the central bank wants to decrease the price level, but the economy is already at the natural rate of output.
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
Suppose You have been employed by an unprofitable company to determine whether it should shut down its unprofitable operation.
Jeffrey has his own delivery business, but Discrimina has only paid him cash. Each time, Jeffrey has given the company a receipt for the cash. While he waits, he sometimes goes out for donuts for the crew.
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