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A farmer's tomato crop is wilting and he must decide whether to water it. If he waters the tomatoes or if it rains, the crop will yield $1000 in profits; but if the tomatoes get no water, they will yield only $500 in profits. The operation of the farmer's irrigation system costs $100. The farmer's goal is to maximize expected profits from tomato sales.
(a) If the farmer believes that there is a 50% chance it might rain, should he water his tomatoes?
(b) What is the maximum amount the farmer would be willing to pay a weather forecaster that predicts rain with 100% accuracy?
(c) How would your answer to part (b) change if the forecaster is only 90% accurate?
Ethanol blended with gasoline can be utilized to power a flex fueled car. One particular blend that is gaining in popularity is E 85, which is 85 percent ethanol and 15 percent gasoline. E 85 is 80 percent cleaner burning than gasoline alone, and it ..
use the data in the following table to calculate the gdp price index for each year values are in billions of
Presume the expected size of each cup of punch is 2 ounces and the standard deviation of the size of a cup is 1/2 ounce and each cup is poured independently. Presume each cup's size is independently drawn from the distribution. What is the approximat..
Stabilization Policy- Graph an AD/AS model with sticky wages. Show graphically and explain with words how the U.S. government with the help of the Federal Reserve could decrease taxes while keeping the economy at full employment without causing infla..
lets divide medical care into two groups routine and catastrophic. well define routine care as being essentially
What purposes does the regulation or policy serve - Give a specific example of how the regulation or trade policy might impact developing nations.
If the national GDP is $559 billion in the base year, and it rises to 577 in year i, and 605 in year 2, what is the real GDP in each year, given that the price index has risen from 100 to 104.5 in the first year and up to 108.3 in the second year ?
branding iron products a specialty steel fabricator operates a plant in the town of west star texas. the town has grown
Suppose 2 firms are found on the real line [0,1]. Firm 1 is located at a=.15, and Firm 2 is located at 1-b, where b=.15. Assume P1=P2=$10. Consumers face a distance cost of $2 per square unit of distance. What can you infer about the market share of ..
Transatlantic air travel in business class has an estimated elasticity of demand of 0.40 less than transatlantic air travel in economy class, with an estimated price elasticity of 0.62. Why do you think this is the case?
Calculate the elasticity of demand for good X with respect to advertising on good X. Interpret your answer. Can you tell whether the firm is spending too much or too little on advertising?
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 Why do investors often buy or sell stock when new information is released about a firm? What does the analyst believe Apple needs to do to cal..
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