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Consider the following utility of wealth function: U(W) = 25*W0.3 You currently have $10,000. There is an 8% chance that you get sick, in which case you lose half of your wealth ($5,000).
A) What is your expected wealth?
B) What is your expected utility?
C) What is the maximum amount you would be willing to pay for an insurance to avoid such uncertainty? (you can show on a graph for partial credit)
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
Find out the optimal price-quantity if the firm can price discriminate but cannot charge a two part tariff.
Suppose that you are a borrower with a project that has a rate of return of 6.8%. You submit a bid to borrow $1,000 at an interest rate of 5%, and a lender accepts your offer. After you fund your project and pay back your loan, what is your gain or l..
In the local In a local market, the monthly price of Internet access service decreases from $20 to $10, and the total quantity of monthly accounts across all Internet access providers increases from 100,000 to 200,000. What is the price elasticity of..
Eastman Kodak filed for a bankruptcy in January 2012. Using our analytical framework of nine areas of interest introduced in class explain the main causes of the company's misfortunes.
If most cartel members keep their agreement to cut back production. People sometimes point to similar gas prices at competing gas stations as evidence of collusion when they could just be selling at market price. If this is not good evidence of collu..
The average cost of production _______ if there are scale economies, and ________ if there are scale diseconomies.
Which of the following is a leakage from the circular flow?
What are monopolist's profit maximizing output and price. What is resulting deadweight loss relative to competitive outcome. Suppose government levies a specific tax of $5 per dose on monopolist.
Georgi Rostov deposits$3,000 in a savings account that pays 6% interest compounded monthly. Three years later, he deposits $4,000. Two years after the $4,000 deposit, he makes another deposit in the amount of $6,000. Four years after the $6,000 depos..
A person signs an agreement to offer personal services over a period of five years. The company that hires him, offered to pay him an advance of $30,000 for his professional services at the moment of signing the contract and five additional payments ..
Illustrate what role does weak financial regulation also supervision play in causing financial crises.
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