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Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets. The probability of winning is one in a million (1-10 -6). What must the jackpot be before the expected payoff is worth your $1 Bet? Assume that the state takes 60% of the jackpot in taxes, that no one else is a winner, and you are risk-neutral (i.e. you value the lottery at its expected value).
In practice, the government would have to be very knowledgeable to divide up the pollution abatement between the plants in the least cost manner. Tradeable pollution permits are one way to get around this concern. Briefly explain why.e. If polluti..
Ellucidate why is it that wages are not dropping instead they are inching upward on a year to year basis.
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?
Your production line has recently been producing a serious defect. One of two possible processes, A and B, could be the culprit. From past experience you know that the probability that A is causing the problem is 0.8 but investigating A costs $100..
How do automatic stabilizers affect budget deficits and surpluses How would automatic stabilizers be affected by an annually balanced budget rule Why do automatic stabilizers minimize the lag problems with fiscal policy
Assess President Obama and the Congressional Majority Democrats' stimulus, budgetary, and health care initiatives in the context of promoting Economic Growth and Development.
Given the data of real disposable income and real consumption, draw consumption function, determine the slope-What is the marginal propensity to consume?
Suppose a consumer has $150 to spend on food and clothing. Food costs $4 per unit and clothing costs $5 per unit. The consumer's utility function is U(c,f) = f^2c. a. Give an equation for the consumer's budget line. b. Give a formula for the consum..
Suppose two strategically dependent firms in an oligopolistic industry: Firms A and B. Firm A knows that if it offers extended warranties on its products but Firm B does not,
If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development. Illustrate what condition would encourage research and development in..
Make a brief memo advocating that the project should be chosen and also explain why.
Increased use of vehicle identification numbers on automobiles was encouraged by insurance companies because of their impact on the market for stolen cars. Which aspect of the market would this impact The demand side, the supply side, or both Wh..
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