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Question: 1. Give an example of a good decision that you made in the face of some uncertainty. Was the outcome lucky or unlucky? Can you give an example of a poorly made decision whose outcome was lucky?
2. Explain how modeling is used in decision analysis. What is meant by the term "requisite decision model"?
3. What role do subjective judgments play in decision analysis?
4. At a dinner party, an acquaintance asks whether you have read anything interesting lately, and you mention that you have begun to read a text on decision analysis. Your friend asks what decision analysis is and why anyone would want to read a book about it, let alone write one! How would you answer?
Suppose the market supply function is Qs = -500 + 50P where P > 10- Determine the price elasticity of supply η at prices $15, $20, and $25.
What output maximizes the White Company's profit and what is the White Company's economics profit? Should the White Company continue in business or shut down in the short-run? Why?
Suppose G falls, T rises, and M increases and that this combination of policies has no effect on output. Show the effects of these policies in an IS-LM diagram. What happens to the interest rate? What happens to investment?
Find the equation for planned aggregate expenditure as a function of output and the real interest rate - Calculate the level of short-run equilibrium output at each inflation rate.
Identify the stakeholders affected by the gap or gaps. Propose an action plan to help bridge the gap or gaps and improve the company's relationship with its stakeholders. Discuss the checks and balances that are required and why.
what happened to the credit standards e.g. minimum down payment mortgage loans relative to the value of the house and
Find the buyer's marginal profit and set it equal to zero. Show that the buyer's optimal price satisfies P = vb - F(P)/f(p), where f(v) = dF(v)/dv is the associated density function. Note that the buyer shades down its value in making its optimal ..
1. suppose there are two consumers a and b.the utility functions of each consumer are given byuaxy xyubxy
Identify at least four policies from the textbook that the government has created to impact economic growth and productivity. Evaluate whether each item has enhanced or diminished your quality of life, and make any appropriate recommendations that mi..
Synthesizing Information Do you pay to drink from the water fountains at school? Explain why the water is not really free by stating who actually pays for it.
Explain how the time and financial requirements involved in obtaining a McDonald's franchise relate to the hidden- characteristics problem.Why would existing franchise owners have an interest in the maintenance of high application standards for ne..
many americans feel that their jobs at home should be protected and that free trade should be limited. however global
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