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Game Show Uncertainty
In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks His guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?
Using a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage.
The consumer derives utility from tutoring sessions and bowling according to the utility function U(b,t). The consumers marginal utility from each game of bowling is MUb=t and the marginal utility of each tutoring session is MUt=b+1. What is the cons..
In a small developing country, Second Chance Used Cars is a government-protected monopoly seller of used cars. The first two columns of the table represent the yearly demand Second Chance faces for used cars. To find the values for marginal revenue f..
Suppose Georgette earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job? Why might a profit-maximizing employer turn down your generous offer..
Classify each of the following statements as positive or normative. Explain. Society faces a short-run trade-off between inflation and unemployment. a reduction in the rate of money growth will reduce the rate of inflation. The Federal Reserve should..
You, as chairman of the Fed (congratulations), are considering whether the monetary base or the interest rate should be used as a target. What information do you need to have to make an informed decision? When would each be a good (or bad) choice?
Fill in the blanks most appropriately: In class we discussed the claim by Amazon that demand in the ebook market is elastic for a price decrease from $14.99 to $9.99 per ebook. If this is true, RAISING ebook prices will____________ ebook revenue for ..
What is comparative advantage and how does it affect a nation's expoarts and imports? Explain what the terms of trade are in international trade. What is the exchange rate in international trade?
Draw, label and explain the circular flow of income and expenditure. With reference to the circular flow, explain the concept of an equilibrium level of GDP. In the Keynesian system, what forces operate to restore GDP to its equilibrium value if d..
Suppose the U.S. economy finds itself in a recession after a recent financial crisis and series of unfortunate international events. If the government wants to stabilize the economy by employing fiscal policy, which of the following policy combinatio..
The value of imported leather is 70% of the value of the shoes (or $70). The tariff on shoes is 20% while the tariff on leather is 15%. Calculate the Values Added and use them to derive the Effective Rate of Protection or ERP.
How might your elasticity of demand for copying and binding services vary if your work presentation is next week versus in two hours?
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