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Calculating maximum insurance premium with uncertainty
Consider a von Neumann-Morgenstern individual whose utility function is logarithmic, i.e. u(w)=ln(w), where w is wealth. Given that the individual faces the prospect of gaining or losing an amount of wealth h with equal probability, determine the maximum insurance premium that the individual is prepared to pay.
Make a schedule showing total product, average product of labor, and marginal product of labor using a range of labor inputs
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
Explain how a change in investment can have big impact on GDp causing nationwide slump. Recall that investment is "small' relative to the whole economy.
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
What do you think that they would be able to effectively reflect the true marketplace benefit and price.
Describe which is elastic and inelastic in the attached question and also how to arrive at the answer for this question:
Very important information regarding calculating the income elasticity of demand
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
Rise in the price of TV sets in Japan also depreciation of the dollar lead to a total increase of 9 percent in the dollar price of imported.
Two executives were arrested by authorities for embezzling money for their firm. Short of confusion the only had enough evidence to put them away for 10 Years.
Describe a moral hazard problem your company is facing. What is the source of the asymmetric information? Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,00..
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