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Suppose that John's preferences for wages and risk (a bad) are given by the utility function:U = W x e-Rwhere e represents the exponential function, W is the weekly wage, and R represents the type of job. R = 0 if the job is safe and R = 1 if the job is dangerous. Suppose that the safe job pays $287 per week.
a. Will John take a dangerous job if he is offered $500 per week? Why or why not?
b. Calculate John's reservation price.
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
A new machine is to be purchased for $150,000. The company believes it will generate $60,000 annually in revenue due to the purchase of this machine. The company will have to train an operator to run this machine.
Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun. Fannie's Farms is the on..
It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes, meaning that consumers are always willing to substi..
Finally, suppose for part c only that you now have the additional information that the marginal cost to Magee's of making one transparent pie is $2 (and is constant). Magee's currently charges $5 for each transparent pie.
Five annual deposits in the amounts of ($1,200, $1,000, $800, $600, and $400) are made into a fund that pays interest at a rate of 9% compounded annually. Determine the amount in the fund immediately after the 5th deposit
Determine when the exponents of a Cobb-Douglas production function sum to more than one, the function exhibits
Say that investment increases by 100 for each interest rate drop of 1 percent. Say also that the expenditures multiplier is 3. If the money multiplier is 5, and each 5-unit change in the money supply changes the interest rate by 1 percent, what op..
Would an HMO entering the Medicare market expect to experience favorable or adverse selection?
Now suppose the firm has a chance to buy an unlimited number of engines from another company at a price of $1400 per engine. Will this option affect the number of cycles it plans to produce Its price Will the firm continue to produce engine itself
Regis hungry for a snack. Here is the value he places on a cupcake: Value of first cupcake 5dollars Value of second cupcake 4dollars Value of third cupcake 3dollars Value of fourth cupcake 2dollars From this schedule, derive regi's demand schedule. G..
The manager receives utility from her wages, and her utility function is w^1/2 , but incurs a cost depending on how hard she works (in other words, the manger's utility is w^1/2-cost). Write the manager's expected utility if she shirks.
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