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A farmer can either invest in irrigation for their farm or not. There's a 30% chance that they will receive adequate rain such that the irrigation is not necessary, and a 70% chance that the irrigation will be useful if acquired. Assume that the farmer will receive $5,000 if their crops are adequately watered, and $1,000 otherwise. Irrigation costs $3,000. For simplicity, assume this is a one-off game and that nature is not perverse.
a. Draw the extensive form of this game, with the farmer acting first and nature second.
b. What is the expected value of each strategy for the farmer?
c. What is the expected value of perfect information on the weather?
Explain your reasoning also explain Illustrate what she needs to do methodologically to make a stronger case.
They wish to compute their average salary. However, nobody is willing to reveal an iota of information about his/her own salary to anybody else.
In year 2016, ABC Corporation earned $68 million from which 35% was retained for investments and the rest was payed as dividends. If during the same year, shares of ABC stock was traded at $38 per share and if 52 million shares of its stock was ou..
Milton Friedman believed that the Fed should control the money precisely. In the 1960s, he proposed that the required reserve ratio be raised to 100 percent. How would this policy improve the Fed control of the money supply?
An alternative requires $60000 to be paid over the course of year 1, $75000 over year 2, and $40000 over year 3. All values are in constant dollars. Using the tables in the chapter, compute the NPV of this alternative.
Assume an economy with no government or foreign trade and the following equations, Based on this data C=150 + .9DI, I=250, Show what would happen in the first five rounds following an increase in investment spending from 400 to 800.0. What would be t..
As an intern for Dunkin’ Donuts, you have been asked to develop a social media campaign for a new glazed muffin. The objective of the campaign is to increase awareness and trial of the new line of muffins. How would you go about putting together such..
In a country 1/3 of all females born die in infancy, 1/3 die at age 23, and 1/3 live to age 65. Women bear one child at age 17, one child at age 21, one child at age 25, and one child at age 28. One- half of children are girls. The net rate of reprod..
Given what you have learned in this class, what do you think the PEI government should do to promote entrepreneurship during this difficult time?
Consider the following highly simplified picture of the personal computer industry. A large number of price-taking firms assemble computer systems
Lorelai purchases an inn in 2004 for $200,000. Today (2016) if she wants to operate it as a bed and breakfast she would have to pay her cook $25,000/year, her assistant manager $50,000/year, and $10,000 in electric bills. What are the economic costs ..
What is the difference between white box, black box, and gray box testing?
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