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1.Suppose you are in sales and your utility function is U(I) = I1/2. a.If you meet your sales goal for the month, you earn $4,900 and $3,600 if not. What is your expected utility if you reach your sales goal 50% of the time? b.Suppose the sales goal was lowered so that you meet it 60% of the time. Now, what is your expected utility? c.Instead of lowering the goal, suppose the compensation from meeting the goal was increased by $2,500. Would you prefer the lower goal or the higher payment? d.Instead of lowering the goal, suppose the compensation from failing to meet the goal was increased by $2,500. Would you prefer the lower goal or the higher payment?
Draw the isoquants for coffee production. Write down a mathematical expression for the production function for coffee.
Make sure that you consider two cases. In the first case, the consumer does not pay any tax before x is reduced, and in the second case, the consumer pays a positive tax before x is reduced.
Illustrate what would happen to the profit maximizing level of output if the market price suddenly rose to $54 per case. Explain why the output level changes.
Illustrate what was the marginal cost of the 251st unit of output.
Elucidate how each of the following would affect the demand schedule you derived.
Illustrate the effect on the marketplace for a hr. of babysitting services 30 yrs into the future when children born today.
Justify your answer using at least two analytical techniques and presenting the information graphically.
What is the amount of 10 equal deposits that can provide five annual withdrawals, where a first withdrawal of $2,000 is made at the end of year 11 and subsequent withdrawals increase at the rate of $500 per year, if the interest rate is 10% compou..
Senior citizens and students have a relatively less elastic demand compared to other potential moviegoers. The government requires lower prices for senior citizens and students. Senior citizens and students have a relatively more elastic ..
Joe's search costs are $7 per search. He wants to buy a DVD player for his wife for Christmas and lowest price he's found so far is $200. Should Joe continue to search or buy a DVD player at a price of $200.
Illustrate what is her economic profit or economic loss. What happens to demand for labor. What are the new equilibrium wage rate and employment level.
A similar helicopter was purchased 4 years ago at a cost of 140,000$. At an interest rate of 7% per year. Illustrate what would be the equivalent value today of that 140,000$ expenditure.
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