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"Given the difficulties that the regulation of public utilities faces, wouldn't be better to nationalize public utilities, as some European countries have done?
Find a Walrasian equilibrium in which consumer 2 buys strictly positive quantities of all goods. Describe both consumers' consumption in this equilibrium.
If the numerator is increased by 1 and the denominator is decreased by 2 the resulting fraction is Determine the original fraction.
Find the Walrasian equilibrium of this economy. Then find another allocation which Pareto-dominates the equilibrium allocation.
Two angles are said to be supplementary if the sum of the measures of their angles is 180 degrees. What is the measure of the larger angle?
Solve for the optimal choice. Graph this solution. How many hours of work is the consumer working? What is her income?
Two angles are said to be complementary if the sum of the measures of their angles is 90 degrees. What is the measure of the smaller angle?
Problem 1: What is expected utility theory? Problem 2: On what assumptions is the theory based, and how plausible are these assumptions?
Two cars leave a city traveling in the same direction. One travels at 60 mph and the other at 45 mph. How long before the cars are 60 miles apart?
Q1. Define "risk averse". Q2. Why does a risk averse agent offered actuarially fair insurance choose to insure fully?
Boston and New York are approximately 280 miles apart. One train leaves Boston traveling towards New York. How far has each train traveled when they meet?
Determine the equilibrium outcome, or outcomes, when both the seller and the buyer observe directly the quality of any car traded.
(a) Find the firm's optimal wage schedule. (b) What would happen if there were full information?
If the equal sides are 6 centimeters less than twice the unequal side, what is the length of the two equal sides?
Show that, in a second-price sealed bid auction with private values, bidders bid their true valuations of the object for auction.
Which gives you greater total utility, 12 gallons of water per day or 20 gallons per day? Why?
How many papers do you expect to hand in before you receive each possible grade at least once?
On any given morning, the number of eggs he eats is equally likely to be 1. 2, 3, 4, 5, or 6, independent of what he has done. Find the mean and variance of X.
(a) Is the manager a risk seeker, risk neutral, or risk averter? Why?
Suppose that each red light delays Alice by exactly two minutes. What is the variance of Alice's commuting time?
The substitution effect causes a consumer to buy less of a product when its price rises because the:
If the spider lands on top of the fly, it's the end. What is the expected value of the time it takes for this to happen?
A packet communication system consists of a buffer that stores packets. What is the probability that some packets get discarded during the first slot?
What is the PMF of the number of modems in use at the given time? Repeat part (a) by approximating the PMF of the number of customers that need a connection.
Fischer and Spassky play a chess match in which the first player to win a game wins the match. What is the probability that Fischer wins the match?