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Suppose that every driver faces 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,000. Suppose there are two types of individuals: those with $60,000 in the bank and those with $5,000 in the bank. Assume that individuals with $5,000 in the bank declare bankruptcy if they get in an accident. In bankruptcy, creditors receive only what individuals have in the bank. What is the actual fair price of insurance? What price are individuals with $5,000 in the bank willing to pay for the insurance? Will those with $5,000 in the bank voluntarily purchase insurance?
What would SungSam's profit be on the batch of 10,000 of historical data show that 1% of product will be scrapped in manufacturing, 3% of finished product will go unsold, and 2% of sold product will be returned for refund.
Pitt and Penn State must decide on next year's in-state tuition for full-time undergraduate studnets. Pitt plans to increase Pitt tuition by 4% plus on half o Penn State's percentage increase in tution. Similarly, Penn State plans to i..
A plant is considering buying a second-hand machine to use as stand-by equipment. The machine costs $3,000 and has an economic life of 10 years, at which time its salvage value is $600; expected annual operating costs are $100.
Assume that an investor can invest the first $100,000 for a 13% return, an additional $100,000 yielding 10%, a further $100,000 earning 8% and the last $100,000 producing a 7% return. The cost of borrowing is 2% for the first $100,000, 4% for the ..
A monopolist faces a demand curve given by: P = 105 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $15. There are no fixed costs of production.
Suppose that there are 80 firms in a market, each with the following cost function: C(q) = 100 + 4q^2 A.) Derive the short-run market supply curve. B.) Suppose the market demand is Qd= 1280 - 30P Find the equilibrium market quantity and price.
Suppose that every additional five percentage points in the investment rate (I/GDP) boost economic growth by one percentage point. Assume also that all investment must be financed with consumer saving.
The four-firm concentration ration for the 494 breweries operating in the US is 91 percent, your team has put together a report suggesting that the merger does not present antitrust concerns even though the two firms each enjoy a 15 percent share ..
The Federal tax code allows businesses but not individuals to deduct the cost of health insurance premiums from their taxable income. Consider a company named HeadBook that could either spend $5000 on an insurance policy for an employee named Vane..
The deadweight loss of a tax is the area of the triangle between the supply and demand curves. Solve for the deadweight loss as a function of T. Graph this relationship for T between 0 and 300. (Hint: Looking sideways, the base of the deadweight l..
An investment of 120,000 will produce an initial annual benefit of $29,000, but the benefits are expected to decline $3,000 per year making second year benefits $26,000, third year benefits $23,000, and so forth.
You enroll in a thrift plan in which you are allowed to contribute 8% of your pretax salary per year. The company contributes an additional 6%. Your starting salary is $62,500 and you can expect annual increases of 3.5%. Use an interest rate of 7...
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