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Instead of repairing the slippery floors on the worksite, management and labor both decide that each employee will get $3,000. Assume there are 4,000 employees and the probability of dying is 1 in 50. a. What is the value of 1 statistical life? b. Now assume the probability of dying is 1 in 5,000. What is the value of 1 statistical life? c. Now assume there are 6,350 employees and probability of dying is still 1in 5,000. What is the value of 1 statistical life?
Express Illustrate what will happen also why to the firm's average fixed costs, marginal costs, average costs also profits as the firm makes its choices.
Illustrate what is standard inconsistent cost. Illustrate what is the marginal cost.
Illustrate what is repayment amount if you make a cash loan. Illustrate what does cost-of-carry of futures or forward pricing mean? Explain how is it related to storage cost of gold.
It was reported that the price of kerosene heaters skyrocketed and the number purchased increased during this time.
Can you explain the law of diminishing returns in your own job place. Can you find a counter example.
wants to produce 1,000 more garments of clothing, so the economy moves from point A to point B. Illustrate what is the opportunity cost of 1,000 garments of clothing in the range between points A and B.
Demand for sporting events is uncertain, and depends on the quality of the match, as well as on unpredictable events, like the weather. Elucidate how would you price these two events differently.
Selling stocks. Suppose you have two stocks A and B. One falls in price and or increases. If you only care about rates of return, which one should you sell?
His uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,000. Find the mean and standard deviation of the total payments he will receive.
Elucidate what does this indicate concerning inflation expectations in Korea compared to the US.
Coke could have followed the price per unit down, but it didn't. Total soft drink demand increased, and Pepsi took a larger share of the demand.
Assume re are three possible policies, X, Y and Z, person 1 prefers X to Y to Z and person 2 prefers Z to Y to X. Model this situation as an extensive game and find out its Nash equilibrium
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