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1. Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated? Can you think of a situation where they might be negatively correlated?
2. Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms? Give some reasons why and some reasons why not?
A manufacturing company leases a machine for $31,812 per year. Each unit produced costs $36 in labor and $72 in materials. To break even, 21,000 units must be sold. What is the selling price for the product
Does this production function exhibit constant, increasing, or decreasing returns to scale and find the marginal product of each factor and the marginal rate of technical substitution.
what is the levelized cost of electricity per kW-hr and Which press should you purchase if 120,000 nondefective units per year are produced by each press and all units can be sold?
Derive the profit maximizing price and the profits at this price. What is the demand elasticity at this price? What is the total demand when the monopolist charges a price P?
Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Assume the economy produced at a point inside..
Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.
economists believe that when two countries specialize and trade , each will be able to buy goods in which the other specializes at a lower cost than it would take to produce these goods itself.
A firm is making production plans for upcoming quarter, but the manager doesn't know what the price of the product will be next month. She thinks there is a 30 percent chance price will be $500 and a 70 percent chance price will be $750.
What factors affect the fuel efficiency of cars · To what extent would increased government involvement with regard to fuel efficiency affect the behavior of manufacturers · To what extent would increased government involvement with re..
Based on Problem 1, assume that G=0 in all periods but in period 1, taxes decline by 15. What happens to output/income(Y)
Innovation lagged in the centrally planned economies because: there was too much domestic business competition. there was too much competition from foreign firms. A positive statement is one which is:
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
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