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Charline must decide whether to open a business or work as an economics tutor. The business she is considering is open a store called "Charline Sells Seashells by the Seashore". This business is risky because 60% of the time Charline would have a GOOD seashell harvest and earn an income of $300. But 40% of the time Charline would have a BAD seashell harvest and earn an income of $0. If she instead chooses to work as an economics tutor, Charline would earn a certain income of $160. Charline has initial wealth of $100 and her utility function is:U(C)= Square Root (C) where C is consumption:
What is Charline's expected income if she opens her business?
The supply of lettuce in the short run will be? ________ than the supply in the long run and? ________ than the supply today. Deadweight loss is
You are considering buying one of two types of health insurance. What is the expected value of payouts from the emergency-only insurance? What is the expected value of payouts from the capped-coverage insurance? Which is the more risk-averse option?
Based on the country (or countries) you are analyzing for your global business enterprise, research information related to the following areas.
What is the difference between relative factor endowments and relative factor intensities? What does the Hecksher-Ohlin theorem say about home versus foreign countries while they remain in autarky? What happened to the Leontief paradox when human ca..
The firm can only afford to take on one investment. Which project will the CEO likely favor? What do you think the company should do?
Most economists believe that real economic variables and nominal economic variables behave independently of each other in the long run. For example, an increase in the money supply, a-------------- variable, will cause the price level, a-----------..
How many of the following four business cycle facts can be explained if the primary cause of business cycles is temporary changes in total factor productivity: procyclical consumption, procyclical investment, procyclical employment, and procyclical r..
q1. choose a real-life example of a firm that you think is part of an oligopoly market and describe the characteristics
For your Spring Break destination you have chosen Cancun. The marginal benefit (MB) and the marginal cost (MC) of vacationing
New six speed automatic transmission for automobiles offers an estimated 4% improvement in fuel economy compared to the traditional four-speed transmissions in front wheel drive cars. If a four-speed transmission car averages 30 miles per gallon and ..
Production Functions and Marginal Products: How do inputs turn into outputs? Iso-quants/-costs and cost-minimization: What’s the best way to produce a given level of output? Cost Curves and Time: What is the relationship between MC, AC, and AVC and d..
Past successes in economic development depending heavily on manufacturing. With the information revolution and the emphasis on service, is this still true? What does India tell us about this? What advantages does India have over other countries?
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