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Suppose that Natasha's utility function is given by u(l) = y^5, where I represents annual income in thousands of dollars.
a. Is Natasha risk loving, risk neutral, or risk averse? Explain.
b. Suppose that Natasha is currently earning an income of $10,000 (I = 10) and can earn that income next year with certainty. She is offered a chance to take a new job that offers a .5 probability of earning $16,000, and a 5 probability of earning $5000. Should she take the new job? c. In (b), would Natasha be willing to buy insurance to protect against the variable income associated with the new job? If so/how much would she be willing to pay for that insurance? (Hint: What is the risk premium?)
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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