Econ 401 - Study guides, Class notes & Summaries

Economics 401 Problem Set 9 Answer Key Prof. David A. Miller Tis version: November 6, 2021 1 Choice under uncertainty 1.1 Insurance Emily faces an unavoidable lottery of having income mG = M > 1 in state G and income mB = 1 in state B, where πG is the probability of state G and πB = 1 − πG is the probability of state B. She has an expected utility preference with a state utility function of the following form in each state: v(c) = ln(c) Let cG be her consumption in state G and ...

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ECON 401-WEEK 2 . Questions and Answers n economics, the demand for a good refers to the amount of the good that people: a) would like to have if the good were free. b) will buy at various prices. c) need to achieve a minimum standard of living. d) will buy at alternative income levels. Questi on 2 1 / 1 point ______________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling. a) Price ceilings b) Rent controls ...