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Assume Bubba is a risk-averse individual with a concave utility function. He has an 60% chance of being healthy and earning an income of $250,000. He has a 40% chance of being sick and having his income fall to $10,000. His utility is defined by:
U= income
What is his risk premium?
Write a paper (Two pages), comparing the two market models of perfect competition and monopoly. Compare on the following points: characteristics, output, price, effiency in resource utilization, and employment.
The government places a price floor on milk which is below the current equilibrium price of milk. The number of children who drink milk and the number of farmers who produce milk increase at the same time.
A country has the per-worker production function, y=5k^1/2, where y is the output per worker and k is the capital- labor ratio. The depreciation rate is 0.15 and the population growth rate is 0.05. The saving function s=0.2Y wh..
1. after graduating from high school ron willis plans to go to college. the college tuition is 20000 a year. but
Use concepts that you have learned throughout the semester, such as consumer and producer surplus, scarcity, and how companies decide where to price products and how much to produce, and how we as consumers decide at what price we will purchase a ..
Illustrtae what does this experience suggest about the determinates of health care costs, and the long-run scope for private health insurance even with subsidy and compulsion.
The demand (MB) for a good is given by P= 20-Q. The private marginal cost is given by PMC= 6+Q, and the marginal damage function is given by MD = 2+Q. Find the social marginal cost curve
Explain how a bank's ability to create transaction deposit accounts through loans creates money.
Taxes are related to income
What are the advantages and disadvantages of varying the size of the workforce to meet demand requirements each period? How does aggregate planning in service differ from aggregate planning in manufacturing?
Suppose Home has annual DVD player sales (S) of 50,000 units. Suppose all of these parameters are the same for all firms in the industry. In the absence of trade, how many firms will produce DVD players? What will be the equilibrium price of a DVD..
a) Illustrate the current equilibrium in a two-part diagram with the entire market in one part and an individual pretzel stand in the other. b) Now the city decides to restrict the number of pretzel-stand licences, reducing the number of stands to..
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