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Your utility if a function of income (I), given by: \(U = 101\) as long as I is less than or equal to 300. If I is greater than 300, your utility is a constant equal to 3,000. Suppose you have a choice between having an income of 300 with certainty and a lottery that makes your income equal to 400 with probability 0.5 and equal to 200 with probability 0.5.
a) Sketch this utility function
b) What is the expected value of each lottery?
c) Which lottery do you prefer?
d) Are you risk averse, risk loving or risk neutral?
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Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
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You're advising a friend who has a decision to make regarding Social Security. He is about turn 62 years old, and is eligible for early Social Security benefits. His early benefits would amount to $677 each month.
BP did not own the deepwater horizon platform, but leased it from a company called Transocean. Would BP have paid more attention to safety if it owned,
Elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of demand for a good with respect to another good's price.
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