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A family owns a house worth $250,000 and believes that the probability that a fire will house burn to the ground (complete loss) is 0.1% (or 0.001). Use this information to answer the following questions.
(a) If the family own no other assets than this house, what is the expected value of their asset?
(b) If the family had $25,000 sitting in a FDIC insured savings account, what would the expected value of their assets be?
(c) If this family was offered a homeowner's insurance policy that included coverage for loss due to fire, how much would they be willing to pay to cover their home completely? (Their reservation premium should leave them indifferent between insuring or not.)
What measures the fed should take to decrease the unemployment value and expand the economy. Remember that the answer has to deal with monetary policy,
What is human capital, and how is it different from strictly the quantity of workers available for work? Name three ways to increase a nation's human capital. Is an increase in the size of the labor force also an increase in the human capital? Exp..
The industry financial performance had not be ideal last year and Jackson feared that taking this action would cause the financial statements to be even worse.
Discuss and explain the concept of the macro economy. Determine the major performance goals that we set for the economy, and how do we measure the performance?
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour.
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
Explain why is efficiency lost at the extremes as when substantially more of one good and very little of another is produced?
The PPF curve shows the economic choices a country can make about production given scarce resources, a given technology, and a given quantity of inputs. Assume you are a developing country, producing food and clothing at maximum capacity.
In his semi yearly testimony to the Senate banking committee past summer Alan Greenspan commented on the recent Fed funds rate hike in late June 2004;
If the quantity demanded for apples increases by 1.25 per cent when the price of grapes increases by 2.5 per cent, the cross elasticity of demand between apple and grapes is,Suppose a rise in the price of a good from $7.50 to $8.50 leads to a decr..
Question 1. Suppose That GM's Smith estimated the following regression equation for Chevrolet automobiles:
what do think led to the end of the Great depression that had had caused a serious shock to the US market?
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