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Consider lottery A, where there is a x chance that you receive a payoff of $0 and a y chance that you receive a payoff of $400. Suppose that your utility function is U=√I.
a) Draw this scenario. Calculate and mark the expected income of the lottery and the utility associated with that income.
b) Calculate the expected utility of the lottery
c) Find the guaranteed income that will make you indifferent between the lottery and the guarantee. Mark this on your graph.
If all production processes were subject to constant returns to scales for all output levels, monopolistic competition would not lead to the problem of “excess capacity”. Monopolistic competition is characterized by free entry and exit so in the long..
The "Artificial Intelligence (AI) Corporation" has two divisions: Manufacturing and Sales. When a new worker is hired both she and her supervisor are equally ignorant about her ability. There is no skill involved in making and marketing AI robots; ho..
Due to the global economic slowdown, we were benefiting from relatively low oil prices.
q. consider the following examples of economic activitiespurchasing of groceriesmassive layoff of employeesdecrease in
The game known as the Battle of the Bismarck Sea (named for that part of the south-western Pacific Ocean separating the Bismarck Archipelago from Papua-New Guinea) summarizes a well-known game actually played in a naval engagement between the United ..
Consider the following multiplicative demand function where QD = quantity demanded, P = selling price, and Y = disposable income:
Using demand–supply diagrams in the labour market show what it means that the market “clears”. Label the axes carefully.
What is the primary purpose of the Black-Scholes-Merton? How can historical data be used to identify risk? Volatility? How can this model be used to project future volatility? How does the Black-Scholes-Merton model help create valuation for options?
The market of natural gas is described by the following supply and demand equations: Qs = 14 + 2 PG + .25 P0 Qd = -5 PG + 3.75 P0 where Qs represent the quantities supplied and demanded of natural gas (in millions of cubic feet), PG represents the pr..
Katrien has a marginal cost of MC = 4Q and a fixed cost FC = $300. If she charges the same price to all customers, what are Katrien's profit-maximising price PM
Consider the following market QD= 15-2P QS= 5P-2.5, with the government imposing a tax of 1.4 dollars per unit. Find the consumer, producer and total surpluses. What is the tax burden for each of the market participant?
How does elasticity of supply affect the loss of economic surplus caused by a price ceiling? Why does the loss in total economic surplus directly experienced by participants in the market for a good that is taxed overstate the overall loss in economi..
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