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Tyler just wrecked his new? Nissan, and the accident was his fault. The owner of the other vehicle got two estimates for the? repairs: one was for ?$796 and the other was for ?$845 . Tyler is thinking of keeping the insurance companies out of the incident to keep his driving record? "clean." Tyler's deductible on his comprehensive coverage insurance is ?$550 ?, and he does not want his premium to increase because of the accident. In this? regard, Tyler estimates that his? semi-annual premium will rise by ?$65 if he files a claim against his insurance company. In view of the above? information, Tyler's initial decision is to write a personal check for ?$796 payable to the owner of the other vehicle. Assume that Tyler keeps his Nissan for five more years and that his premiums do not change each subsequent year. What is the cost of claiming to the insurance? company? Did Tyler make the most economical decision? (as opposed to claiming to the insurance? company)? What other options should Tyler have explored depending on assumptions? made?
Suppose Gus operates a small chicken restaurant in a perfectly competitive industry. His variable costs represent the costs of acquiring food and can be expressed as TVC(Q)=Q^2−(1/2)Q. What are Gus’s sunk fixed costs? What are Gus’s non-sunk fixed co..
What is the average time that catalog customers must wait before their calls are transferred to the order clerk? What is the average number of callers waiting to place an order?
If Automatic stabilizers change the federal budget balance by $70 billion for every 1 percent change in real GDP growth, what will happen to the federal budget balance if the economy falls into a recession of -3 percent from a growth path of +2 perce..
A U-shaped average total cost curve implies what?:
Assume that you have a budget of $30 to spend on milk and cereal only. Graph the budget constraint. Be sure to put the quantity of (Qm) on the horizontal axis. What is the most you can purchase of cereal? What is the opportunity cost of three units o..
1. 1.because bank funding markets are global and have at times broken down disrupting the provision of credit to
What are transnational corporations (TNCs, or multinational corporations, MNCs) and how are they different from other business firms? Why have the MNCs become more important in international political economy during the past three decades?
The average consumer at a firm with market power has an inverse demand function of P = 10 - Q. The firm's cost function is C = 2Q. If the firm engages in two-part pricing, what is the optimal price to charge a consumer for each unit purchased?
David’s total variable cost function has been calculated to be TVC = 100Q + 30Q² - Q³, where Q is the number of units of output. When marginal cost is a minimum, what is the output level? When average variable cost is a minimum, what is the output l..
Suppose that an initial $10 billion increase in investment spending expands GDP by $10 billion in the first round of the multiplier process. Also assume that GDP and consumption both rise by $9 billion in the second round of the process. What is the ..
Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? Why might it be excessive at times?
In the ‘Classico’ Region within Tuscany, all producers of Chianti wine must submit their wines to a government inspection process which certifies that only grapes grown in the Classic region have been used in the wine. All wines which pass this test ..
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