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A person has an expected utility function of the form U(w)=w^1/2.He has an initial wealth of $25.He also has a lottery ticket that will be worth $75 with probability 1/2 and will be worth $0 with probability 1/2.
a)What is the person's expected utility?
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An economy is inlong-run macroeconomic equilibrium when each of the followingaggregate demand shocks occurs. What kind of gap—inflationaryor recessionary—will the economy face after the shock
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What was the effect on the worldwide market for alcoholic beverages of the Eighteenth Amendment to the U.S. Constitution, which banned the sale or production of alcohol in the United States? (what happened to the supply curves, demand curves, and ..
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