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Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets. The probability of winning is one in a million (1-10 -6). What must the jackpot be before the expected payoff is worth your $1 Bet? Assume that the state takes 60% of the jackpot in taxes, that no one else is a winner, and you are risk-neutral (i.e. you value the lottery at its expected value).
Event 1: The government passes a law allowing states to pay unlimited unemployment benefits to all unemployed workers for an unlimited amount of time. Event 2: The federal government increases the restrictions on the immigration of skilled workers
Expalin why do many economists believe that the market system is the most efficient economic system for allocating resources.
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
Explain how has a more diversified labor force affected the corporate structure and the economy.
Use the Lagrange method to solve for David's optimal choices of gasoline and bread as a function of the price of gasoline, PG, the price of bread, PB, and his income Y. b. If the price of gasoline increases, does David reduce his consumption of..
Discuss the use of Gross Domestic Policy (GDP) to measure the business cycle. Discuss the roles of government bodies which determine national fiscal policies.
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
Beasley World Industries has a division that makes air conditioners. They face a three-year deadline to eliminate their current technology due to the chilling technique they use. There is a near-term solution that may be done (1) and a longer-term..
The exhibit shows how supply and demand might shift in response to specific events. Suppose a spring frost destroys one-third of the nation's artichoke crop. Which panel best describes how this will affect the market for mayonnaise, which is a com..
suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete . the firm has fixed costs of $10 million per year and a variable cost of $1 per bag no matter how many bags are produced.
Illustrate what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
Elucidate possible consequences of failing to properly disclose certain items in financial statements.
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