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- Mike has a decreasing marginal uity of income We know that Mike's income in greater than S10, but we de not know his exact inome Adam offers Mika the folloeing bet Adam wil throw a fair coin (that is, heads and tals have equal probatilty) a heada. Mke pays Adam $10. ta Adam pays Mke S10 What can we conclude from this infonmation? O Mike will reject the bet only it his income is high emought Ob. Mike will reject the bet, independently of how high his income is Oc Mke wil accept the bet independently of how high his income is Od Mke will accept the bet only if his income is high enought O Mka will always be indiferent between accepting and rejecting the betIm. aminmagmaycempany Cemsumens by Ht dagsand Hlambursens. The fived basbet. Cemsints oflo Hat dogs and 6 Homburgere A Ret dog cot $3 n 2o06 amd $5.pin 2007. A Homburcer cet 5 m 2006.omd $6in 2o07 Colulate CPTE +Th200615 relected he bove 2006 omd 2007. and what is the imeotion rote betweem 2006 amd 2007Rаnϲhеrs ϲаn rаisе еithеr ϲаttlе or shеер on thеir lаnd. What would cause ϲаusе thе suррly of shеер to inscrease? Typed answer please. I ll rate.
- If surgeons really have the ability to increase thedemand for surgeries, which kinds of surgerieswill be most affected? Can you think of a way todetermine which surgeries are unnecessary? Provide several examples from your own readings orexperience.Fill in the blanks In the following table: Mangiral Manginal Net Benefit 17 To tal a Total Cost Benelit eost Berebit XX xX 200 170 30 200 100 230 2. 270 50 3. 4 450 65 4.Suppose that an individual's demand curve for doc-tor visits per year is given by the equation P = 500- 25Q, where Q is the number of doctor visits peryear and P is the price per visit. Suppose also thatthe marginal cost of each doctor visit is $100.a. How many visits per year would be efficient?What is the total cost of the efficient numberof visits?b. Suppose that the individual obtains insur-ance. There is no deductible, and the coin-surance rate is 50 percent. How many visitsto the doctor will occur now? What are theindividual's out-of-pocket costs? How muchdoes the insurance company pay for this individual's doctors' visits?c. What is the deadweight loss (if any) causedby this insurance policy?
- The only Sourceb a inCcme available to Ansen, a lexct heo8tudent e ucc hex monthly Stipend (m) frem her parents. neither Sarces ner borrows. A5 SU BAsuming 8he Spende al her inceme ont only tub gords fora (f) ans clothes (C), with Pe ns PC being the rices Atwo ginsas respectical lond autilim functim.et the form. haveing 2 unhe en PSSuming gord f is ftn on the Vertical axis, pwauck, a S ketch ot her budget Conshaint and determine the slope. ( Find Doreen's monthly equuhbrium deman d function fer both yonra. with Pf ans pe gicen as 12 and ei5 Tespectively and Censum inceme t ¢300, calculate the equilibrium quan Hh er both grsd expression foy Doreen budget Cen8traintLIVING IN SPAINJackie moved to Spain to work for a public relations firm. She had health insurance from herprevious employer, but she was surprised to learn that her new employer in Spain did notoffer healthcare coverage. When she asked about this, she was told that more than 90percent of Spaniards use the public healthcare system, which was mostly free. However,her new employer did provide supplementary private health insurance that would allow herto receive quicker care from a private hospital if she desired.Jackie learned that she would be paying 4.7 percent of her salary and her employerwould pay 23.6 percent of her salary to the government for health insurance. She was given a Tarjeta Sanitaria Individual health card to prove that she had health insurance. With this,she could get free care at public hospitals and doctors’ offices. However, before seeing adoctor, she would need to register with a local primary care physician and decide whethershe would use public or private…Tane 1E Se.Fot Eamcation Tary notes that an electronics store is affenng a flat $20 off all prices in the store Tony reasons that he is better off if he buys something with a price of $S0 than sOmething with a price of $500 because it would represent a larger disCount as a percentage of the price. This Is: 35 Select one Oa Aabional ahoice because saviing 40% Is better than saving 48. O& Trug Tony would slso be better off f he didn't spend so much Oc False savng $20 is saving $20. Od The proper applicabon of Cost-Benefit Principle NEXT PAGE
- Q3: Leads ship Lhcaning faul direchina) paacess at givibg, puspose to cellective is a tfend y we concephite Looking et this defination can as intra adicisual an goup 0rghized pooces?It is the morning commute in Congestington, DC. Of 100 drivers, eachdriver is deciding whether to take the toll road or take the back roads. Thetoll for the toll road is $10, while the back roads are free. In deciding ona route, each driver cares only about income, denoted y, and his traveltime, denoted t. If a driver’s final income is y and his travel time is t, thenhis payoff is assumed to be y - t (where we have made the dollar value ofone unit of travel time equal to 1). A driver’s income at the start of the dayis $1,000. If m drivers are on the toll road, the travel time for a driver onthe toll road is assumed to be m (in dollars). In contrast, if m drivers takethe back roads, the travel time for those on the back roads is 2m (again,in dollars). Drivers make simultaneous decisions as to whether to take thetoll road or the back roads.a. Derive each player’s payoff function (i.e., the expression that gives usa player’s payoff as a function of her strategy profile.)b. Find a Nash…Whic h of Lh e follo wix could plausitbly ca use a rixhlwaerd stiTL irs Lhe marxiral efficisrncy of caapilaal curve.cverYLtins clse h cld co nstanL? O HIsher ed ucational attainment O Lo wer waES O Hi her coat ot m edical care O AI or the above ONo ne of the above