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As the owner of a family farm whose wealth is $250,000, you must choose between sitting this sea- son out and investing last year's earnings ($200,000) in a safe money market fund paying 5.0 percent or planting summer corn. Planting costs $200,000, with a six-month time to harvest. If there is rain, planting summer corn will yield $500,000 in revenues at har- vest. If there is a drought, planting will yield $50,000 in revenues. As a third choice, you can purchase AgriCorp drought-resistant summer corn at a cost of $250,000 that will yield $500,000 in revenues at har- vest if there is rain, and $350,000 in revenues if there is a drought.
You are risk averse, and your preference for family wealth (W) is specified by the relationship U(W) = 1W. The probability of a summer drought is 0.30, while the probability of summer rain is 0.70.
Which of the three options should you choose? Explain.
Sources used to research this person 4-5 non-web based (Periodical, date, pages, etc. MLA) with works sited on the last page. Do not reference the course text book.
Assume the demand and supply functions for a good are Qd = 200 - 5P + 0.002 INC0 , Qs = -100 + 8P , where INC0 is the exogenously determined average income- Find the equilibrium price and quantity if the average income is 45,000 dollars.
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Derive the equation of the consumer's demand curve for x and with y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
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Terrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short- and/or long-term productivity in the U..
Consider a particular genetic disease affects 3% of adults in the U.S. population. Fortunately, there is a genetic test for the gene that causes the disease. The test is 98% accurate; that is, 98% of the people who take the test get the correct..
If you were managing a monopoly, and small entrant tried to enter your market, explain why it might make sense to cut prices so low that you would suffer losses for a time.
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two firms compete in the emerging market for energy drinkscold medicine hybrids that feature caffine alcohol and cough
Cougar Telemarketing is considering establishing a call center. The initial cost will be $2,750,000 with a $27,500 market value any time within a 13-year period. The fixed cost of the center will be $833,400 per year with an average variable cost of ..
For each event given below, respond to the following points using the determinants of demand and supply A. Determine whether demand or supply changes or if the event instead causes a change in quantity demanded or quantity supplied.
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