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Crop Insurance. Consider a state in which farmers are divided equally into two types: high risk and low risk. The average annual crop loss (and possible insurance claim) is $200 for a low-risk farmer and $1,200 for a high-risk farmer. (Related to Application 5 on page 631.)
a. If all farmers were to buy insurance, what is the break-even price for the insurance company?
b. Suppose a farmer will purchase insurance only if the price (the annual premium) is no more than 50 percent higher than his or her average crop loss. What is the equilibrium price?
The consumer's utility function is U(x, y) = 3x + 2y. Let Px = 2, I = 12. (a) If price Py is too high, the consumer will not want to purchase any y. Find the lowest price Py at which the consumer ceases to purchase y.
Everett Mann's Dream Store sells waterbeds and supplies. The best selling bed in the store has an annual demand of 400 units. The ordering cost is $40, while the holding cost is $5 per unit per year. There are 250 working days per year, and the le..
A local lending institution advertises the "51-50 Club." A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money. Compute the nominal annual interest rate for this loan.
How has this event affected the prosperity of the firm and the owners of the factors of production employed by the firm? Explain.
why was the switch to a market economy expected to lead to increased incomes?
A cannery is considering installing an automatic case-sealing machine to replace current hand methods. If they purchase the machine for 3800 in June, at the beginning of the canning season, they will save 400 per month for the 4 months each year.
At the request of domestic producers, the Taiwanese government imposes a tariff of 500 per imported computer. Find Taiwanese consumption, production, and imports of computers after the imposition of the tariff. How much revenue does the tariff rai..
A student wants to have $100,000 at graduation 4 years from now to buy a new Tesla. His grandfather gave him $20,000 as a high school graduation present. How much must the student save each year if he deposits the $20,000 today
Recall from introductory economics that an raise of $1 in government spending may raise GDP through more than $1. The exact value by which GDP goes up is multiplier.
the demand for the bus 207 textbook qx is given by the following equationqx 100 - 5.0 px 1.5 py - 2 pz 4.7
suppose that you just purchased a used car worth $12000 in today's dollars.assume also that to finance the purchase you borrowed $10000 from a local bank 9% compounded monthly over two years. the bank calculated your monthly payment at $456.85
What is meant by the term, path dependency and discuss how path dependency has effected the development of two major Australian economic institutions.
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