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Suppose that your utility function is U = ln(3I), where I is the amount of income you make in a given year. Suppose that you typically make $30,000 per year, but there is a 5 percent chance that, in the next year, you will get sick and lose $20,000 in income due to medical costs. (a) What is your expected utility if you do not have insurance to protect against this adverse event? (b) Suppose you can buy insurance that will cover your losses if you get sick. What would be the actuarially fair premium? What is your expected utility if you buy the insurance policy? (c) What is the most that you’d be willing to pay for this policy?
q1. a hearing is scheduled for your company to present arguments that your firm has not increased its market power
Suppose that Congress enacts a lump-sum tax cut of $750 billion. The marginal propensity to consume is equal to 0.75. Assuming that Ricardian equivalence holds true, illustrate what is the effect on equilibrium real GDP.
Illustrate what conclusions can you draw about this period by comparing this cycle to previous business cycles.
The Belford family owens a farm near San Angelo, Texas. Three alternatives exist for how to use the farm: a.) Grow cotton. Cotton yield would be 500 pounds per acre. The price of cotton is $0.96 per pound and production expenses are $ 285 per acre.
Draw a set of short run production curves including the total, average and marginal product curves. Identify on the graph the range of labor input that would be most likely relevant if you faced varying wage levels from zero up until you would cease ..
Describe the goals of the factory owners? Describe the goals of the employees? Describe the problem caused by the scarcity. What is the price of a life.
McDonald's has enough time to hire or lay off workers but it does not have enough time to expand its kitchen or add an additional seating area.
q1. which of the following is not a possible explanation as to why wage inequality increased markedly over the last 40
Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Calculate your aunt's expe..
If se economists ignore possibility of crowding out, illustrate what would they approximate marginal propensity to consume (MPC) to be
Suppose that a security costs $1,500 today. A. Calculate the percentage return on the Security if the payoff to the security in one Year is $1,000, $1,500, $2,000, or $2,500
At what level of output will this firm maximize profit. Elucidate what is the level of profit for every unit of output produced at equilibrium.
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