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A "mathematically fair bet" is one in which the amount won will on average equal the amount bet, for example, when a gambler bets, say, "$100 for a 10 percent chance to win $1000 ($100 = .10 x $1000). Assuming diminishing marginal utility of dollars, explain why thi is a fair bet in terms of utility. why is it even a less fair bet when the "house" takes a cut of each dollar bet? So is gambling irrational?
For both sets of calculations, compare the firm's output price and the calculated average variable cost and average total cost. Should the firm shutdown immediately when the total fixed cost equals $1,000,000 Should the firm shut down immediately ..
What is the marginal product of the third worker What is the marginal revenue product of the second worker What is the marginal cost of the fourth worker Based on your knowledge of marginal analysis, how many workers should you hire
Now Massey Corp. invents a new technology that allows her firm to produce gilders at a constant marginal cost of $9. There are large fixed costs amounting to $20,000 to adopt and maintain (each year) this new technology, but she is able to monopol..
Find any differences in the set of variables used in a regression model of demand for customer durable and a regression model of the demand for fast moving consumer goods
If you invest $10,000 in this certificate at the beginning of year one and do not add or withdraw any money for five years what is the value of the certificate at the end of the fifth year.
A -$2500 746 746 746 746 746 B -$6000 1664 1664 1664 1664 1664 The minimum attractive rate of return is 8%. After calculation we can find that the internal rates of return: for A, IRRA = 15%, for B, IRRB = 12% and for B-A, IRRB-A = 9.8%.
Suppose that annual output in year 1 in a 3-good economy is 3 quarts of ice cream, 1 bottle of shampoo, and 3 jars of peanut butter. In year 2, the output mix changes to 5 quarts of ice cream, 2 bottles of shampoo, and 2 jars of peanut butter.
A spike in the unemployment rate - the biggest in more than two decades - raised new concerns Friday that a weak labor outlook, high oil prices and continuing woes in the housing and credit markets are leading the U.S. economy into a painful reces..
Your utility function for present and future consumption is given by U(P,F)=P*F. You earn an income of $50,000 in the present, and will subsequently earn an income of $50,000 in the future. Will you be a net borrower or net saver.
what uniform price will he charge and how much profit will he earn. The following figure shows the demand and marginal revenue for a monopolist, who has many buyers with different valuations of the good.
Manke a graph showing the relationship between two variables, X and Y . Determine whether the relationship is negative or positive
Let X denote the reaction time, in seconds, to a certain stimulus and Y denote the temperature (F) at which a certain reaction starts to take place. Suppose that the two random variables X and Y have a joint density function f(x,y)= y, 0
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