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1. Suppose a risk-averse consumer has an initial wealth of $5,000 and a utility function U(M) √M.. He faces an 80 percent chance of losing $4000, and a 20 percent chance of losing $0. What is the most a consumer would pay for insurance against these losses? Draw a diagram to illustrate this amount.
2. Suppose a risk-averse consumer has an initial wealth of $7,000 and a utility function U(M) = InM. He faces a 70 percent chance of losing $4000, and a 30 percent chance of losing $6,000. What is the most a consumer would pay for insurance against these losses? Draw a diagram to illustrate this amount.
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
Dana's Doorsteps (DD) is a monopolist in the doorstep industry. Its cost is C= 10Q and demand is P = 30- Q.
Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
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Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
Show such data graphically. Upon what specific assumptions is this production possibilities curve based? If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Describe how the production possibi..
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
Why might the existing firms in a cartelized industry prefer to be regulated by the government? What is the problem with common property resources?
Evaluate: "The fact that some airplanes collide is evidence there is 'too little air traffic control'." (Be sure to explain what too little might mean.)
Describe the US household is harmful to the economy with the use of AS-AD diagrams.
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