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Now, instead assume an individual has income of $100,000, a 10% chance of incurring a $75,000 accident, and a 20% chance of a $10,000 accident (and a 70% chance of no accident). The utility function is represented by U = Ci. If the person purchased full insurance under this scenario with two adverse events, where the premium was $7.500. What is expected utility?
What potential problems might Ben & Jerry's arise with their social responsibility model from an international perspective?
Consider the problem described on Twitter of the babbling brook turned into a raging torrent by upstream development. Suppose there are 30 affected downstream homeowners with an aggregate Marginal Damage curve measured in thousands of dollars, as a f..
The country of Hykania does not trade with any other country. Its GDP is $20 billion. Its government purchases $3 billion worth of goods and services each year, collects $3 billion in taxes, and provides $2 billion in transfer payments to households...
Describe how a change in the exchange rate affected your firm. Explain what happened to your price and quantity. How can you profit from future
When ShorTech introduced its Quadrant mobile phone, it had few competitors and set a price of $500 when its marginal cost per unit was $350. The economics consulting firm it hired to estimate the demand elasticity confirmed this was the optimal price..
If the demand for a product is inelastic, what will happen to total revenue if price is decreased? Explain this carefully. Provide your own numerical example to
Suppose that the inverse demand curve is: p(q) = a − bq, and the cost function is: c(q) = cq. How much consumer surplus is generated when the price is p*? How much producer surplus is generated at p* If the monopolist can only set a linear price (tha..
Critically evaluate, using diagrams where appropriate, Vernon's product life cycle theory as a framework with which to explain the location, trade and foreign i
Widgets are provided by a competitive constant-cost industry where each firm has fixed costs of $30. The following chart shows the industry-wide demand curve and the marginal cost curve of a typical firm:
Suppose that an economy’s production function is cobb-douglass with CRS(Y=AK^α * L^1-α ) and α=.3. What fractions of income do capital and labor receive? Suppose that the capital stock decreases by 15 percent. How much does output increase or decreas..
Suppose identical firm’s fixed costs are FC= 25, variable costs are VC= q^2 and marginal costs are MC= 2q. What is the average cost curve? Give and expression, and also sketch it. Find the output that corresponds to the minimum point on the average c..
Differentiate between Public and Private goods. Make sure you state their characteristics and substantiate your answer with examples in each case.
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