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We have read that the uninsured and the insured behave differently in regard to medical services. Suppose that the insured have a demand curve that can be written as Q = 100 - P, where Q is the quantity of medical services, and P is the price. Suppose further that the uninsured have a demand curve that can be written as Q = 100 - 2P.
i. If the price of each medical service is $10, how much will the insured and the uninsured each demand?
ii. If 50 units of medical services are used, what will the price be for the insured and uninsured?
Assume that your preference relation \succeq can be represented by a utility function. Show that your preference relation must then be rational, i.e. complete, transitive, and reflexive.
Customers face many barriers when purchasing online. It has been estimated that as many as half of all purchases are abandoned midstream. Discuss how you can help online retailers develop ways to convert more site visitors to buyers.
Unstable export markets, worsening terms of trade, and limited access to the markets in advanced countries are just a few of the problems that have plagued nations in Africa, Asia, Latin America, and Middle East. For example, developing countries hav..
John can afford to spend $500 per month on a car. He figures he needs half of it for gas, parking, and insurance. He has been to the bank, and they will loan him 100% of the car's purchase price. If his loan is at a nominal 12% annual rate over 36 mo..
Compare two scenarios: One where the Federal Reserve is operated by appointed officials (as it is now and always has been) and one where the officials are elected every 4 years. Discuss the short and long run ramifications of each scenario. Keep a..
When fringe benefits such as health insurance are not taxed, which of the following does not happen? a. The equilibrium wage rises slightly. b. The government loses revenue. c. The value to the employee of the fringe benefit may be less than its pric..
A monopolist faces a price function given by P = z(36 - 2Q), where P is price, Q is total output and z is the quality of product sold, which can take on only two values. The monopolist can choose between a low quality product z = 1 or a high-quality ..
Consider a neighborhood with 1000 residents. Each individual must choose (let’s assume simultaneously) whether to be a criminal or not. If an individual chooses to attempt a criminal act, their payoff is 200 if they succeed, but -300 if they are caug..
The Snow City Ski Resort caters to both out-of-town skiers and local skiers. The demand for ski tickets for each market segment is independent of the other market segments. What techniques might the resort use to implement such a pricing policy? What..
If he needs 80 percent of his income to maintain his standard of living upon retirement, how much annual income will he need from his employer's plan and from his own planning when he retires?
What has been happening in Florida in general in terms of unemployment over this time period. What about for GDP.
Ann’s preferences are represented by a utility function UA(x). Suppose one were to (colloquially) say that Carol has more “sensitive preferences” than Ann: her utility function UC (x) satisfies UC (x) = 2UA(x). Prove that for every choice set, Ann an..
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