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Ms. Lee's utility function is U(Y) = (100 + Y) 0.5, where 100 is her initial income level and Y is additional income gained or lost from a gamble. Ms. Lee can choose not to gamble or to gamble. The gamble involves the roll of a fair dice. If the number is even Ms. Lee wins $100 but if it is odd Ms. Lee loses $100.
(i) All other things held constant, what would the probability of losing have to change to so that Ms. Lee is indifferent between not gambling and gambling?
(ii) All other things held constant, what would the loss (L) amount have to change to so that Ms. Lee is indifferent between not gambling and gambling (hint: first reset the probability back to 0.5)?
Write a two page essay describing an experienced entrepreneur that you know. This person could be a friend, a family friend or a relative. If you don’t know an entrepreneur, do some networking through friends and family to find one. Explain which ent..
The salvage value at the end of five years is 0. The potential revenue in any given year is independent of any other year. Determine the mean and standard deviation of the present worth, using an interest rate of 12%.
A study of several grocery stores in the midwest yielded the following cost function: Where q is the output of the store, measured in thousands of dollars of sales, and M is 1 if there is a regional warehouse located within 100 miles and 0 otherwise...
In a monopolistically competitive industry,
Three friends (Julie, Kristin, and Larissa) independently go shopping for dresses for their high-school prom. Upon reaching the store, each girl sees only three dresses worth considering: one black, one lavender, and one yellow. Provide the game tabl..
One component of the Patriot Act of 2006 was the "Combat Methamphetamine Epidemic Act", which prohibited the over the-counter sale of cold medicines that contain pseudoephedrine (which is commonly used to make meth). Ceteris paribus, what is a likely..
Assume that the price of wheat [an important input in the production of pasta] has decreased and at the same time, good economic conditions have increased the income of consumers. If pasta is an inferior good, show graphically and briefly explain wha..
Consider a monopolist who cannot price discriminate. she has total cost function C(q)=q^2 an faces inverse demand function p=a-q where a is a positive parameter
Calculate the total expected utility from each restaurant option and compare. Graph is not required. Describe your answer, and show your calculations.
In the Keynesian model, suppose that the economy has the following values : C = 100 + 0.75*(Y-T) G = 300 I = 200 NX = 0 T = 200. Solve for the level of equilibrium output in this economy. What is the multiplier on government spending? how much would ..
An individual must decide whether or not to pursue a business opportunity. If he does pursue the opportunity, then he will get a $20 profit if the business is successful and a $10 loss if the business fails. Apply the maximin and minimax regret crite..
If we modify our basic three sector model and instead of assuming that taxes are autonomous or fixed in amount (the Tx = Txo assumption) now assume that taxes are a positive function of income, will this modification have the effect of increasing, de..
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