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Assume that the payouts of the game were changed (if necessary) such that it results in gamblers having a positive expected value. Yet people still refuse to play the game. Which of the following must be true?
a. People must be risk averse, and so a positive expected value doesn't necessarily imply a positive expected utility.
b. Such a situation demonstrates the "St. Petersburg paradox".
c. The casino could attract more gamblers by using a 3-sided die instead and setting the ante and payouts so that expected value remains the same, because the variance in payouts would be smaller.
d. The casino shouldn't locate in the "Bible Belt."
e. All the above.
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Suppose a firm must pay an annual tax, which is a fixed sum, independent of whether it produces any output-How does this tax affect the firm's fixed, marginal, and average costs?
Discuss the advantages and/or disadvantages of distributing marketable pesticide permits to each farm operating in the watershed equal to 40% of its current level of use of that pesticide, versus simply ordering each farm to reduce pesticide use t..
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Mention four key points from the reading assignments that were emphasized in the simulation. Find out how price elasticity of demand affects the decision making of the consumer and of the organization.
Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker, consumption per worker and investment per worker given that the rate of saving is 20% and depreciation rate is 10%.
Suppose Shaqueena is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
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Physical capital, Natural resources, Human Capital and Technical Knowledge, should it be Government policy to subsidize the production or acquisition of all or these?
Assume the US economy experiences deflation. Trace through the impact on the US macroeconomic variables to the effect on the FOREX rates.
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