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There is a consumer who has a utility function from income U1(W) = W3/4. This person gets her income from the following uncertain situation: There is a 80% chance they have an income of $256 and a 20% chance of getting $81. There is a different consumer that has utility U2(W) = W1/4 and her income has a 18% chance of being $625 and a 82% chance of being $150.0625.
a) Find the expected income for each person.
b) Find the expected utilty for each person
c) Show that if these to people trade income situations, both will be better off and explain why this makes sense.
Describe the background of your hypothetical corporation. Your description should include, but not be limited to, the type of business, products, and services that your MNC provides.
Would the purchase of bonds by the Bank of Canada in 1.a) increase or decrease the potential for money creation? Explain in less than 5 lines.
Discuss one or two examples of media that have influenced your desires or affected your consumer choices and consumer behavior influenced by advertising.
What are the major economic challenges faced by the United States today? How successful has the government been in addressing these challenges and what type of policies in your opinion are most effective and why?
submit a single page with two graphs or tables on it displaying this information. Write a short paragraph or two that says what the data show.
According to this line of reasoning, education is then "consumed" by house holds. Construct a circular-flow diagram like the one found in this chapter to represent the sector of the economy devoted to collage education.
Classify each of the following as either an operating target or an intermediate target, and explain why.
Suppose in an economy, the government increases spending dramatically. On a graph showing inflation(scale: 0-12%) at 8% and real GDP growth rate at 8%(0-12%), what would be the short-run impact of government spending on the economy?
suppose that the marginal utility of good a is 4 times the marginal utility of good b but the price of good a is only 2
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Summarize the gains from trade in the Theory of Comparative Advantage
Explain the relationship among the required reserve ratio, the potential deposit expansion multiplier, and deposit expansion multiplier.
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