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You are a property insurer and one of your potential clients, whose current wealth is $450,000, wants to insure her $250,000 house. The chances of the house burning down in any given year are one in one thousand. There are no other risks. Will she buy insurance from you if you set the premium at $300? Assume that her utility function is u(W) = ln(W) . How sensitive is the maximum premium she is willing to pay to her current wealth? Calculate the elasticity of the premium to wealth to ?nd out. (Hint: In class we refer to the Markowitz risk premium as the difference between expected wealth and the certainty equivalent, E (W) - CE , which is valid only for fair gambles. In this case, the gamble is not fair, so you should compute the insurance premium as the cost of the gamble, namely, W0 - CE .)
A firm's total revenue (TR) is provided by pq, where p is price and q is quantity sold. Assume the firm is initially selling 1000 units of its product at a
what meaning of limit pricing theory and its importance in industrial economics?
PROOF THAT E(XU) DIFFERENT FROM ZERO.
estimate the determinants of demand of a firm or several firms within a particular industry or country
For a multiple regression with three explanatory variables the value of R 2 is 0.75. Indicate whether every of the following statements is true or false and give brief reasons fo
i need help in project
Assume the price elasticity of cigarettes is 0.25. By how much would prices have to increase to get a 20% reduction on smoking?
Plot the appropriate short run and revenue curves ( you may need more than one diagram, and tables) to determine at which price and output levels "Draw Ltd", would achieve:
hypothetical data on consumption expenditure ($) and income ($) is given in the table x Y 80 55 100 65 85 70 110 80 120 79 115 84
question number one
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