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Risk and Insurance Activity:
Kelly is a farmer with zero wealth.She can either plant rice or cotton. If she plants cotton, Kelly earns an income of $1600 if the weather is GOOD, and $0 if the weather is BAD. If she plants rice, Kelly will have an income of $900 under both GOOD and BAD weather. The probability of GOOD weather is 0.7. The probability of BAD weather is 0.3. Kelly's utility function is ( )=3*sqrt(c), and c is the value of consumption. Follow these informations to answer the following questions.
Kelly: -What is the Expected Value of Consumption in plant rice and plant cotton? -What is the Expected Utility in plant rice and plant cotton? -What is the Certainty Equivalent of consumption in plant rice and plant cotton? -What is the Risk Premium in plant rice and plant cotton?
Do you think the approach that is currently in use in Portugal could work in the United States? Why or Why Not?
Consider the utility function U=(x-θ)^α (y-ρ)^(1-α). (a) Provide an intuitive explanation for this kind of preferences; that is, what roles do θ and ρ play? (b) Solve for the optimal combination of x and y. (c) Solve for the indirect utility function..
Calculate the surplus or shortage of Eye-de-ho Potatoes when P = $1.50, $2, and $2.50. Calculate the market equilibrium price-output combination.
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One of basic economic laws is ‘law of one price.' It says that provided certain assumptions one would expect that if free trade is allowed, illustrate what three of those assumptions likely are.
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find and interpret the outpu..
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As you move from left to right along a production possibilities frontier (PPF) that is bowed out from the origin, the opportunity cost of producing the product on the horizontal axis increases.
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