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Three individuals each hold a ticket for a lottery that will pay $100 with probability 0.2 and $10 with probability 0.8. Their utility functions for the monetary amount x may be described as follows: Tom: u(x)=0.002x2+x Jim: u(x)=log10(x) Janet: u(x)=0.4x+100 a) If offered $25 for their ticket which individuals would accept the offer? b) What is the amount of money that must be paid to each individual to make them indifferent between accepting the offer and keeping the ticket? c) Determine the risk premium for each individual. d) What type of attitude toward risk is illustrated by each of the three?
Analysis of the balance of trade and the financial flows between domestic and foreign entities. Imports and exports vital to Viet Nam’s GDP will be examined.
Suppose that the government imposes a temporary tarpon all imports, which makes imports more expensive relative to domestic residents (reducing the trade balance for any fixed level of the real exchange rate). Discuss the implications of this policy ..
What are the terms of trade? (At what rate would you each be willing to trade?) f. Using graphs for both you and Pat, show that trade allows each of you to achieve a point on your consumption possibilities curve which is greater t..
Total federal revenues as a percent of GDP (Gross Domestic Product), since at least World War II, have remained just under. At least one critic of the comparison of revenues as a percent of GDP has stated that the median and average percentage for ta..
Use the orange points square symbol on the graph below to plot the short-run industry supply curve for the wheat industry.
What would be the percentage change in apple unit sales if the price of apples decreased by 10%? What would be the percentage change in apple unit sales if the price of pears increased by 5%? What would be the percentage change in apple unit sales if..
If we modify our basic three sector model and instead of assuming that taxes are autonomous or fixed in amount (the Tx = Txo assumption) now assume that taxes are a positive function of income, will this modification have the effect of increasing, de..
If domestic investment in an economy is smaller tha the economy's private domestic savings
Suppose you loan $5,000 to a friend to help him start a new restaurant business. Your friend signs a promissory note at a simple fixed interest rate of 5% per year. This note requires repayment in one lump sum five years from the date of the loan. Ex..
What are price indexes designed to measure. Outline how they are construed. When GDP and other and other income figures are compared across time periods.
Suppose you borrow $25,000 to buy a new car at an annually compounded interest rate of 12% per year compounded monthly. The loan is to be paid back monthly for 4 years (48 payments total). How much will the monthly payment be?
US national health expenditure was $7,026 per person in 2006 and $4,790 in 2000. The Consumer Price Index had a value of 201.6 in 2006 and a value of 172.2 in 2000. Adjusted for inflation, how much was spending in 2000? Why has the share of healthcar..
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