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Suppose that a car rental agency offers insurance for week that will cost $10 per day. A minor fender bender will cost $ 1,500, while a major accident might cost $ 15,000 in repairs. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance or do not take the insurance. The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you will involved in a fender bender, or that you would be involved in a major accident. Assume that researched insurance industry statistics and found out that probability of a major accident is 0.05% and that the probability of a fender bender is 0.16%. What is the expected value decision? Would you choose this? Why or why not? What would be some alternate ways to evaluate risk? (2) Suppose that the service rate to a waiting line system in 10 customers per hour (exponentially distributed). Analyze how the average waiting time is expected to change as the arrival rate varies from two to ten customers per hour ( exponentially distributed).
address the following questions in a 4 page essay using the resources from online web sites.1. suppose that the real
you are a manager in a perfectly competitive market. the price in your market is 45. your total cost curve is cq 10
The economy is experiencing a contraction (recessionary gap) of $400 billion. What government spending stimulus would you recommend to move the economy back to full employment if the MPC is 0.75? Would your policy be any different if the MPC were ..
as the rate of innovation increases companies face expanding productservice lines shorter product and service
What is the new profit maximizing output level and how many workers are hired at this level
Insurance companies must provide insurance to drivers who may take risks that go unreported because they don't wreck or get ticketed (or if they do wreck or get ticketed, it goes unreported to the insurance company).
Researchers have estimated the long run demand elasticity for almonds is -0.47, and the long run supply elasticity is 12.0. The short run demand elasticity for almonds is -0.30
The inflation rate would rise naturally as it always has the trick is to keep the supply of product as closely inline with consume needs. This can be done in many ways. If you see prices of a certain product climb you should look at ways to slow t..
at a price of 4 per unit gadgets inc. is willing to supply 20000 gadgets while united gadgets is willing to supply
Construct a table showing the (net) marginal revenue product derived from assembly worker employment and how many assemblers would Just Bikes employ at a daily wage rate of $100? Explain your answer and show all calculations.
identify economic factors that affect the real gdp the unemployment rate the inflation rate and a key interest rate.
Construct the diffusion index from month 2 to 3. This problem, we have three leading indicators and the diffusion index from month 1 to 2 is 66.7 (=2/3) because two indicators move up and one moves down
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