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Your utility function is U = ln(2C) where C is the amount of consumption you have in any given period. Your income is $40,000 per year and you have no savings. There is a 2% chance that you will be involved in a catastrophic accident that will cost you $30,000 next year. a. What is your expected utility? b. Calculate an actuarially fair insurance premium. What would your expected utility be if you were to purchase the actuarially fair insurance premium? c. What is the most that you would be willing to pay for insurance, given your utility function?
Consider two hypothetical countries. In Country A, 20 percent of the labor force is unemployed for half the year and employed for the other half; the remaining 80 percent of the labor force is never unemployed. Discuss which of these countries seems ..
Illustrate what are the levels of income every worker and consumption per worker.
q.i would like to figure out the relevant cost in some cost flight operation salaries of flight crew fuel maintenance
Suppose that the market equilibrium price for a basic medical check-up is $50, in a market in which there is no health insurance. To encourage more people to get a check-up, the local government mandates that the price of a check-up cannot be more th..
q1. analyze the following statement and illustrate how would happen in the long run if such advice were followed by the
Based on data provided - an extra (marginal) $1,000 per month spent hiring additional labor would yield an extra (marginal) 5 apps per month in output. And an additional $1,000 spent on capital would yield an extra 8 apps per month in output.
Janet Elliot just turned 20 and received a gift of $20,000 from her rich uncle. Janet plans ahead and would like to retire on her 55th birthday. She thinks she'll need about 1$million saved by that time in order maintain her modest lifestyle. How muc..
The politician wants to allocate spending so that schools may purchase new and expensive metal detectors for school entryways. At the dedication he says ‘spending this money will be worth it if this machine saves even one life”. Having taken an econo..
n 1978 China introduced its "one child" policy to limit population growth. Due to selectice abortions, this has led to an enormous increase in the male/female sex ratio at birth. What would this new sex ratio do to the bargaining power of women in t..
Explain why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run.
What characteristic(s) of oligopoly make their prices and output levels "sticky?" Does this make the competitive environment for firms more risky or less risky?
Indifference curves
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