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Suppose that you have utility as a function of income (I) given by the equation: \(U = \sqrt{501}\)
Consider a lottery that provides a payoff of $0 with probability 0.75 and $200 with probability 0.25.
a) What is the expected value of this lottery?
b) What is the expected utility of this lottery?
c) What is your utility if you receive a sure payoff of $50? Compare this to the expected utility of the lottery and determine if you are risk adverse.
Illustrate what is the cross elasticity of demand among the two brands of widgets.
If the Bank of Canada continues to take expansionary monetary policy, how are the unemployment rate and inflation affected? (Use both Phillips curve and AS-AD graphs in your explanation.)
Analysis the most recent issue of International Economic Trends, published through the Federal Reserve Bank of St. Louis. You will notice percent (%) changes in economic data for 7-countries and Euro Area.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
As a manager of chain of movie theatres which are monopolies in their respective markets-Devise a pricing strategy to maximize your firm's profits.
If the former, when and where was the latest ministerial meeting. If the latter, Elucidate the main features of the agreement.
Illustrate in the graph below the deadweight loss (DWL) that would result if this monopolist were allowed to operate as a profit maximizing firm without regulation.
Think the following assertion: We all benefit through having physicians available in case we require them. Therefore, the government should subsidize medical education.
Assume that more firms receive permission to drill for oil in Alaska and United States controlled waters. In addition, suppose that the popularity of SUVs declines in favor of smaller, more fuel efficient automobiles.
Texas instrument once announced a price for random-access memories that wouldn't be available until two tears after the announcement few days later; Bowmar announced that it would produce this product and sell it at a lower price than Texas instru..
discuss its price elasticity and income elasticity. Explain how much control might an organization have over pricing based on a product's elasticity.
Assume you are a stock market analyst specializing in the stocks of theme parks, and you are examing Disneyland's stocks.
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