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1. Best Buy offers a protection plan for new smartphones at $132. The absolutely most expensive iPhone you can buy right now is $700. Assume for a moment you are a very cautious but forgetful person: you would never, ever drop or damage your phone, but you might lose it. How likely must you be to lose your phone for $132 to be an actuarially fair price for mobile phone insurance? [Hint: you're solving for p, the probability of losing your phone. Not losing your phone, therefore, happens 1-p percent of the time.]
2. If your demand for some good x is X=0.3 I/Px
a) is X a normal or inferior good? Show me how you know.
b) is good Y a substitute or complement for good X? Again, show me how you know.
The world's top for manufacturers on inexpensive random access memory chips, a key component of all consumer electronic devices, agreed to fines and jail term for several executive because of 1999-2002 price fixing. Use a suitable diagram to explain ..
q.units of labor marginal revenueproduct0 na1 302 243 184 155 126 10assume a firm is a monopsonist that can hire its
illustrate what is the largest cardholder fee that Tuan will pay. the long run a perfectly competitive firm experiences economic profit and new firms will enter the market.
Explain how the Bureau of Labor Statistics determines who is unemployed and how the unemployment rate is calculated. How might the growth of the number of discouraged workers be reflected in the unemployment rate? How might the unemployment rate be i..
Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices (no factor substitution). What does this ..
Two nations have straight line production possibility frontiers, but with different slopes. Using a graph and an accompanying written explanation, explain why complete specialization maximizes the gains from trade between these two countries.
In November 1999, the U.S. and China reached a trade agreement, which led to the flooding of U.S. market with cheap Chinese products. Since then, Walmart, as one of the main importers of the Chinese products to the United States, has become the large..
Many economists have attempted to create a set of social accounts that would come closer to measuring the economic well-being of the society than does GDP. What modifications of the current approach would you recommend to them?
As a group, oligopolists would always be better off if they would act collectively. Factor markets for baked goods are influenced by the: Why?
Given our current economic situation, determine the steps that the Federal Reserve should take to help stabilize our economy. Then, explain how each of the following variables will be affected by proposed steps that you have identified: money supply,..
Describe a current IT-related ethical issue: Since this is a paper exercise, not a real-time situation, you may want to construct a brief scenario where this issue comes into play, and thus causes an ethical dilemma. The dilemma may affect you, your ..
Complete the statements about the following three theories for the upward slope of the short-run aggregate-supply curve.
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