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Suppose you own a house in Mobile, AL. Your house is currently worth $200,000. Suppose there is a 5% chance that a good destroys your house, in which case it will be worth $0. You have $50,000 in your bank account.
a. What is the expected value of your house?
b. You have a utility function over wealth (w) given by U(w) = p w. What is the least you would be willing to accept to sell your house?
c. Why are the answers to the above two questions different?
Organize the above data into the appropriate categories for the current as well as capital accounts determine the current account balance, the capital account balance, as well as the official settlements account balance.
Calculate the Economic Life in STB/month for an oil lease with WI = 100%, NRI = 87.5%, lease operating expense = $5,000 per month, price of oil = $15/STB, price of associated gas = $2.25/Mscf, GOR = 500 scf/STB, oil and gas severance taxes = 7.085%. ..
Monopolies can sometimes find themselves in difficult financial situations that lead to losses. Suppose Mr. Burns Power Company has a monopoly for providing electricity in Springfield. What happens to the market when Mr. Burns raises the price he cha..
A firm's production function is qi = 2Li + 10Ki. Assume both variables can be adjusted, even in the short run (for instance, making an item by hand versus using a machine to do so). a. What is the firm's cost function, if w=$15, and r = $100?
An intraocular lens manufacturing is in the qualification process of a polishing machine.
The student investigated the pricing of oil and gasoline. The study included a comparison of 2014 prices to 2015 prices. Explain the differences observed by means of supply and demand theory. What happened to cause the fall of oil and gasoline prices..
In order to rule on a potential federal grant, a government official must confirm that the average income in a Pennsylvania county is less than $12,500. A sample of 35 individuals is taken and shows a sample mean of $10,950 and a sample standard devi..
What will be the profit of each firm? How much did total production go down because of the collusion? How much did the price go up?
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
Assume that a Pfizer has a linear demand curve for Lipitor, a constant marginal cost curve (i.e. the marginal cost is a constant), and is a monopolist in this market.
e marginal cost of making a copy is $.50 (50 cents). The average customer makes 4 copies at a time. Illustrate what pricing strategy will maximize your profits.
A retail chain keeps daily data with summaries of the dollar amounts of sales for each of 151 different products sold at 23 retail stores. The daily data is tracked by product and by store. At the end of the day each store sends its data to the sales..
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