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Question 1: Suppose an investment has three possible outcomes. There is a 30% chance that it brings a profit of 22,500. There is a 30% chance that it brings a profit of 10,000. There is a 40% chance that is brings a profit of 0. What is the expected profit (or expected value of the profit) for this investment?
Question 2: Continue to suppose an investment has three possible outcomes. There is a 30% chance that it brings a profit of 22,500. There is a 30% chance that it brings a profit of 10,000. There is a 40% chance that is brings a profit of 0. Suppose a decision makers utility function can be described by U(w)=w^0.5. What is the expected utility of this investment?
Question 3: Continue to suppose an investment has three possible outcomes. There is a 30% chance that it brings a profit of 22,500. There is a 30% chance that it brings a profit of 10,000. There is a 40% chance that is brings a profit of 0. Suppose a decision makers utility function can be described by U(w)=w^0.5. What is this investment's certainty equivalence for this decision maker?
The U.S. Surgeon General issues a report stating that tomatoes prevent colds. What is the effect on the market for tomatoes? b. A new type of robot is invented that will pick peaches. What is the effect on the market for peaches?
An item is up for auction. Player 1 values the item at 3 while player 2 values the item at 5. Each player can bid either 0,1, or 2. If player i bids more than player j then i wins the good and pays his bid, while the loser does not pay. If both playe..
In the 2005 Virginia General Assembly, Virginia’s “estheticians”---those who give facial treatments, facial massages, skin analyses and the like---came in large numbers to the Capitol to make the case that their occupation should be licensed and regu..
Derive the total supply function of X for the industry assuming that the industry operated under perfect competition.
The role of Bank Regulation has become increasingly complicated in maintaining “Safety and Soundness” of the Financial System. What is Micro-Prudential Supervision of banking institutions? The 2000s witness a dramatic increase in Financial Engineerin..
What are the major arguments protectionists use to justify trade barriers? Which of these arguments do you agree with? Disagree with? Why is protectionism still so powerful politically?
In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your xamples?
The annual demand curve for the perfectly competitive milk market is P = 9 - 0.01 Q. This market is in long run equilibrium. The price of milk is $2.00 and each of the producers operate at minimum long run average cost (LAC). What is the dollar value..
Illustrate what must the central bank do to keep the peso cost of the dollar equal to Peso 3.4425 subsequent the speculators activities.
Would the worker be better or if, instead of the health insurance, she was given a £100 per week pay increase which would be taxed at 20%.
Kalamazoo Competition-Free Concrete (KCC) is a local monopolist of ready-mix concrete. Its annual demand function is Qd= 24000-400P where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. Suppos..
The economy is currently in equilibrium at full employment. Suppose that the Fed increases money supply growth by 5 percent. Using an aggregate demand and supply graph, explain exactly what happens and why to aggregate output (real GDP) and the infla..
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