By Krister Ahlersten
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Why? Suppose she has 500,000 and is invited to participating in a lottery that with a probability of 50% increases her wealth to 1,000,000 and with equal probability causes her to lose everything. c) What is the expected value of the lottery? d) What level of utility does she achieve if she does not participate in the lottery? Indicate that point in the graph. e) What is her expected utility if she does participate in the lottery? Indicate that point as well. 1, what represents the risk premium.
In the figure, we have sketched it through the points we have already found. f) In the short run, the firm can only vary its labor costs. Production can then only be increased by increasing L in the figure. The short-run expansion path must then be a straight horizontal line at that level of K one has already chosen. In the figure, we have chosen a level of K that corresponds to point A. 2 K C3 = 10 Long-run expansion C2 = 8 C1 = 6 A C B q3 = Short-run expansion q2 = q1 = L C c 10 b 8 6 Long-run cost a q = 100 q = 500 q = 300 q g) The information we need comes from the points of cost minimization, A, B, and C.
1, we have drawn a so called Edgeworth-box. It shows isoquants and quantities for the production of two goods, apples and bananas, given different combinations of labor and capital. Please click the advert a) Point a does not represent an efficient production of apples and bananas. Why not? b) Indicate all points in the graph that are Pareto improvements compared to point a. 1 Banana Labor, banana 20 60 80 20 Capital 60 , 80 Capital , a Labor, apple Apple c) Indicate all points in the graph that are both Pareto improvements as compared to a, and are Pareto efficient.