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Discussion 1: Identify a situation that involves making decisions using expected value, and detail the different options, expectations, and payouts. Discuss the risks involved with those expectations and, if applicable, the payouts. Include in your discussion an explanation of how to determine how much information to gather to minimize uncertainty. Finally, explain which decision should be made.
Imagine you were asked to explain comparative advantage to a group of teens:
eddie is a production engineer for a major supplier of component parts for cars. he has determined that a robot can be
A county is considering using a piece of park land for one of two alternative recreation projects. Project A would require construction costs of $2 million (year 0) and generate net benefits of $1 million per year for 10 years.
Suppose if the economy currently has a frictional unemployment rate of 2%, structural unemployment of 2%, seasonal unemployment of 0.5%, and cyclical unemployment of 2%, determine the natural rate of unemployment?
a) What is the short-run equilibrium price of nickel? b) What is the exit price for a sulfide mine? c) What is the exit price for a laterite mine?
Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit?
How do you make a forecast for gdp growth rates unemployment and inflation that might be experienced in one year, three years and ten years from now. I have the current and past rates but do not know how to forecast out 1 yr, 3 yr, 10 yrs. Can you he..
How much will the unemployment rate be at the beginning of April? How much money did Jessica make in constant 2015 dollars?
If we consider a closed economy with no government spending or taxes, whose consumption function and investment function are given by the following equations:
The discussion centers on how person or consumers would react during a period when a country's GDP growth rates.
A local video store estimates their average customer's demand per year is Q = 7 - 2P, and knows the marginal cost of each rental is $0.5.
Illustrate what role does economics play in your personal decisions and or those of your organization.
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