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Suppose that you have a job paying $50,000 per year. With a 5% probability, next year your wage will be reduced to $20,000 for the year.
a. What is your expected income next year?
b. Suppose that you could insure yourself against the risk of reduced consumption next year. What would the actuarially fair insurance premium be?
If a country is currently producing 11 units of health care and 16 units of education. what is the opportunity cost of producing 5 more units of education?
If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the Federal minimum wage?
Which of the following appears as a positive item on the balance of payments account for the United States? If the United States wants to regain ownership of domestic assets sold to foreigners, it will have to increase domestic consumption.
In March 2004, Ireland was the first country in the world to introduce an outright ban on smoking in workplaces. In the analyses below, when drawing your diagrams assume that workers can choose among only two products to consume at work, namely tobac..
Bob Davies must decide whether to invest $100,000 in his own business or in another local business. Both investment projects have an expected life of five years. The cash flow of each is as fSuppose the risk of the projects is the same and is acc..
What interest rate does she need to get to be able to retired as desired and compounded semi-annually, how much should be deposited now?
d) Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and he wage paid to labor is $50? Round any decimals to the nearest hundredth. e) Derive the firm's cost function using the rental and..
Based on the data provided, what is the opportunity cost of producing pastries and sandwiches in Northland? What is the opportunity cost of producing pastries and sandwiches in West Coast?
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately ..
Having a little trouble setting this problem up. Would appreciate the detailed set up and solution. A production function has 2 inputs - labor and capital. Both are perfect substitutes. Existing technology permits 1 machine to do work of 3 workers..
The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
While greater access to imports may be beneficial from a microeconomic standpoint (people have greater range of goods to choose from, and available at a lower price) the macroeconomic view of things may be a little different.
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