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Beatrix has $109 of wealth. She is contemplating a gamble that gives her a 0.25 probability of winning $180 and a 0.75 probability of losing $60. Her utility function is: U(M) = ln(M)
1. Which is the expected value of her wealth?
2. Which is the expected utility of wealth?
3. Is Beatrix risk averse? Explain you answer using a graph.
Which of the following institutional arrangements is most likely to promote growth.
Suddenly, 20,000 people immigrate from abroad and initially settle in the West. Elucidate why they possess the same skills as the native residents and also supply their labor inelastically.
Was she calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of.
An apparel manufacturer purchases cotton and other raw materials for the production of shirts. Would the sale of cotton from a cotton mill to the shirt manufacturer be included in the calculation of GDP? Why or why not?
Illustrate what would be the size of the resulting deadweight loss relative to the competitive outcome.
Compare the additional income Microsoft makes as it moves from 20 million to 40 million copies of Vista with the additional income it makes as it moves from 40 million to 60 million copies of Vista.
how does each shrimp producer react to the increase in price? A. Each producer decreases its production of shrimp. B. Each producer increases its production of shrimp.
If Starbucks introduces the world to premium blends, and demand rises substantially, illustrate what will happen in this market as it moves to a new equilibrium.
Incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.
following weekly demand and short-run cost functions:VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
Explain the debate on equal rights, especially as related to marriage, for gay men and lesbians continues. Would you classify this as an issue or as a problem.
Assume an industry is a duopoly. Elucidate the best response functions for A and B.
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