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Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will on average cost each driver $10,000. Suppose there are 2 types of individuals:those w/$60,000 in the bank and those with $5000 in the bank. Assume that individuals w/$5000 in the bank declare bankruptcy if they get in a an accident. In bankruptcy, creditors receive only what individuals have in the bank. 1. What is the actuarially fair price of insurance? 2.What price are individuals w/$5000 in the bank willing to pay for the insurance?3. Will those w/$5000 in the bank voluntarily purchase insurance?
Briefly state basic characteristics of pure competition, pure monopoly, monopolistic competition and oligopoly. Under which of se market classifications does each of following most accurately fit.
If the tax multiplier is -1.5 and a $200 billion tax increase is implemented, what is the change in GDP, holding everything else constant?
Why are the Average Cost Curves U-shaped. What is the Law of Diminishing Returns. Discuss a company's two short run options.
Consider a market where demand is d:p=24-Q and supply is s:p=2+Q. impose a specific tax t= $2 on each unit sold in the above market.
For what type of goods does law of one price hold quite well. Since PPP rarely holds at any point in time, is re any substantive meaning to terms overvalued or undervalued currency.
One example is deciding which side of the road to drive on. It doesn't matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt.
Could the oligopoly market structure benefit both consumers and businesses by forging common standards in industries that experience rapid technological change.
Resizing them as necessary, to illustrate your analysis. In each case, Illustrate what are the short-run and long-run effects on the aggregate price level and aggregate output.
Identify three types of competition that most firms encounter other than competition from other firms in their industry in their home country.
What is the equilibrium Price and Quantity in the market? Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.
If Professor Mamuns contract pays $100,000 every year for next 6 years, what is future value of this contract at 5% discount rate. What is present value of contract.
If these economists ignore the possibility of crowding out, illustrate what would they estimate the marginal propensity to consume (MPC) to be.
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