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Suppose Fred and Barney have different time discount rates. There are two periods of life: "young", and "old". Fred's present value of receiving a dollar next period is given by $1/(1+r), r=0.25 whereas Barney's value for r is 0.05. Fred and Barney are currently "young", living in Colorado, and deciding whether to become marijuana smokers. Suppose all utility is viewed in dollars, and they both value the current (when "young") utility of smoking to be $10,000 and they both understand that with probability 0.35, they would develop lung cancer when old (which would involve utility of -$40,000). [note: The scientific evidence on this is mixed, but let's just suppose there is a 0.35 cancer risk].Would Barney decide to become a smoker? Why or why not? Would Fred decide to become a smoker? Why or why notTop of Form? How large would the loss of utility have to be to ensure neither Barney or Fred becomes a smoker?
Suppose the demand for gasoline is QD = 75 – 25PD and supply is QS = 30 + 20PS, where prices are expressed in dollars per gallon. How does a $0.40 per gallon tax affect the equilibrium price and quantity of gasoline (show both the pre-tax and post- t..
Large online sellers like Amazon.com need OLTP databases capable of processing information quickly while storing tremendous amounts of data.
q1. if the aggregate-demand curve is given by the equation p400-2xy and long run aggregate supply100 the long run
How did slavery impact the economy in the South and the North differently
From the scenario for Katrina’s Candies, determine the importance of predicting the pricing strategies of rival firms in an industry characterized by mutual interdependence. Examine the common price setting strategies of airlines that use game theory..
In reference to the articles, discuss how firms incorporate the triple bottom line concept into traditional business concerns over profitability. Comment on how customers can influence firms to pay more attention to the preservation of the natural en..
What do you think of the property of transitivity in choice theory and methodologies of risk assessment. How can we improve the ways we assess risk, or think about choices we make?
Suppose the Canadian economy, on a fixed exchange rate, has a real growth rate of 2% and is in equilibrium with an inflation rate of 10% and a risk premium of 1%. Suppose changes in the U.S. cause its real rate of interest to increase from 3% to 4% a..
Discuss how the distribution of income among various groups of income earners have changed in this country during the past 50 years. In your opinion, do we need to initiate any policy to address the distribution of income?
If she neither borrows nor lends, which project has the higher present value at the interest rate 50%. Which has the higher present value at an interest rate of 5%.
Explain your answer what would happen to the value of gold if public discovered that it could simply be made at home from inexpensive materials.
The short-run production function of ACME Widgets Inc. is given by q = 40(2L − 8)^(3/4, where q is the number of Widgets ACME produces in a month, and ` is ACME’s monthly labor input, measured in $1000’s. Find ACME’s labor-elasticity of output as a f..
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