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Assume the value of a statistical life is $85,000,000 and that workers in more dangerous jobs are exposed to an additional 1/105 risk of death. How much more should the workers in the more dangerous jobs be paid (compared to the other workers)?
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -6, while group 2’s is -4. Your marginal cost of producing the product is $50. Determine your optim..
Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
Consider the following statement. "Winter ice storms that sometimes hit Chicago are good for the economy. They create many jobs to remove downed limbs and replace trees and bushes." Do you agree that ice storms are a net benefit to the economy? To an..
The bureaucratic form of government is so prevalent in public agencies and tends to result in a slower paced, less consumer oriented management
Elucidate the relationship between P > AVC and a firm's contribution margin, when a firms is making a decision to shut down operations.
President Bill Clinton assigned his wife the task of developing a national health insurance plan to increase the availability of medical care for the poor. Explain how would one determine the opportunity cost of the proposal.
Suppose the elderly as a group manage to lobby Congress successfully for a one-time wealth transfer, “paid for” by a tax on younger workers. Assume the elderly have a remaining life-expectancy of 10 years (over which the transfer will be spread), and..
Explain is it irrational for an individual to take the time to be completely rational in economic decision making.
these cuts are not discriminate theory, re is nothing EU can or should do about m. So why are some old EU members so upset about East European taxes.
A local church parish wants to raise money to add to their campus. In a sample from a previous fund raising campaign, the parish found that of the 136 people in the sample they contacted, that 67 actually contributed money. When testing (at the 5% le..
If actual inflation exceeds anticipated inflation, who will lose purchasing power, and who will gain? How does unanticipated inflation harm the country? As part of your answer, include how you and your employer would both be affected.
The last printer added 20 books to total output, while the last press added 1,000 books to total output. Is the publishing house making the optimal input choice.
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