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Management at Washington Hospital Center is thinking about two investments. One is an MRI machine, which can make $100,000 in good economic conditions or $60,000 in bad economic conditions. Another is a CT scanner, which can make $150,000 in good economic conditions or $10,000 in bad economic conditions. Thus the decision depends on the economic conditions. What is the probability of good economic conditions that equates the two investments?
a. Develop a payo? table for this situation.
b. Find the following:
1. Maximax
2. Maximin
3. Equal likelihood
4. Minima regret
c. Create a sensitivity graph comparing the deferent alternatives as the probability of economic conditions changes.
The given utility function is U= 100 Qt 0.5 Qc 0.5, the individual’s dual problem is to minimize E=Pt Qt +Pc Qc (show all the works and steps) What is the compensated demand function for Qt? What is income elasticity for good Qt? What is own price e..
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Suppose SRAS is horizontal as believed by Keynesian economists and is given by P = 110 and that the aggregate demand curve is P =200-2Q. Now suppose that the SRAS shifts upward from P=110 to P = 115. What will happen to the inflation rate? What will ..
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What are the average money holdings when the individual makes the optimal number of trips to the bank?
q.for the questions below write an explanation of the short-run effect including the determinant of ad or as that is
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Because of the free-rider problem
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