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An organization must decide whether to develop a new client-server application in-house or contract it out to an external consultant. If the application is developed in-house, there is a 60% chance that the project will succeed. The payoff for success and failure (for in-house development) are estimated to be $600,000 and -$100,000 respectively. If the application is contracted out to the external consultant, the payoffs for success and failure are, respectively, $500,000 and -$200,000. The probability that the external contractor will succeed is 0.5.
Should the organization contract out the project? Justify your answer. (Assume that the decision maker is risk neutral)
At least how high should the probability of success for the contractor be for the organization to decide to contract the project out?
Let the probability that the contractor will succeed be p.
Assume an economy consisting of a consumption sector, a government sector, a foreign sector, and a business investment sector. (C + I + G + X = GDP). Also assume that the Marginal Propensity to Save (MPS) = 0.2. If government spending increases by $7..
You believe that there is an equally likely chance that this information will either double expected chances of finding a well, or inform you for certain that the area is not commercial.
Many manufacturers of clothing and other consumer goods open stores in outlet malls where they charge much lower prices than they charge in their own stores located within cities. Given that both sets of stores are often owned by the same firm, expla..
The behavioral functions are given as follows. C = 20 + 0.8(Y − T); I = 14; G = 20; T = 10; IM = 0.5Y; X = 0.1Y*; Y* = 100where Y is domestic income; Y* is foreign income; C is consumption; T is tax; I is investment; G is government spending; IM is i..
Compared to an income tax, does an inflation tax place a greater or lesser burden on the poor? Please explain your answer.
Would this have been the result of a change in Demand? If so, why; if not, why not? If not, what was the probable reason?
Which of the following is likely to upset the prediction of the purchasing power parity theorem?
Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). Draw 3 isoquants for this production f..
Jennifer's preferences are described by the following utility function... U=x^1/2+y^1/2. Does jennifer experince diminishing marginal utility? prove your answer mathematically. What is the graph of Jennifer's indifference curve?
From the diagram what is the profit maximizing output of the monopolist? Why? From the diagram what is the price that the monopolist charges on each unit she sells. Briefly explain. Compute the Monopolist's profit?
In 2013, the real GDP per capita (a measure of standard of living) of China was $6,187 and in the US it was $53,042. Thus China’s real GDP per capita is approximately 12.8% of U.S. real GDP per capita. If Chinese per capita GDP grows at an average of..
Consider a copy shop with annualized fixed costs of $1000 and variable cost of $0.03 per page. The shop presently has orders for 100,000 copies at a price of $0.05 per page. What is the shop’s average cost (AC) without taking the new order? Is it les..
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