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1. Jennifer and David are risk-averse and both own residential homes worth $500,000. Jennifer's home is comprised of brick construction and is located in the Mohave Desert. David's home is comprised of wood construction and is located in the San Bernardino national forest. If all owners of 500,000 residential properties must pay the same premium for home fire insurance, explain which consumer, Jennifer or David, is more likely to buy home insurance?
2. Does your answer in Q4 above imply a market failure problem for the insurance company and/or consumers of insurance?
In the table below, place each of the following item a to l in the correct box (notice that each item can be placed in ONLY ONE BOX). Congested toll roads. Knowledge. Fish in the ocean. National defense. Congested nontoll roads.
All other things being equal, by how much will nominal GDP expand if the central bank increases the money supply by $100 billion, and the velocity of money is 3? Suppose now that economists expect the velocity of money to increase by 50% as a result ..
Elucidate how do you expect the demand and supply of the good or service to change in the next year. Support your answer.
Behavioral economics clearly makes an important contribution to our understanding of economies. Which, after all, are driven by human behavior?
A) List the tools used by the Federal Reserve to expand and contract the money supply and clearly explain how they work.
Suppose that there is an exogenous unexpected decline in consumption spending by households. Use the IS-LM, AD-AS model to derive the short-run and long-run effects on i, P, and Y.
Your firm is one of 100 identical firms operating in the short run in a perfectly competitive market. Your total cost function (short run and long run) is C = 500 + 20 q + q2, and your marginal cost function is MC = 20 + 2q. Find the supply curve for..
What is the present worth of cash flows that begin at $20,000 and increase at 7% per year for 10 years? The interest rate is 9%.
For the past few years, Cuban baseball players have been leaving their country illegally to play professional baseball in the United States. (Ex. Yasiel Puig, Rusney Castillo, Jose Abreu). What laws in Cuba are restricting them from leaving legally? ..
Suppose the Federal Reserve is considering the applications of four different banks to merge with other banks. Given the level of the new HHI and the change in the HHI shown below, in which case could the Fed challenge the merger?
Describe the law of diminishing marginal utility. On what assumptions is this law based? Use diminishing marginal utility to explain why millionaires often do not have many homes, even if they can afford it. Explain the three characteristics of utili..
A proposed $2.5 million dollar investment at a 70 MGY (million gallons a year) facility will save the facility $800 k/ yr in energy costs. Assuming an interest rate of 5%/ yr, and equipment expected life of 10 years. Should the facility make this inv..
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