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Define scarcity, give two examples, and explain how it is a major world economic problem.
Business Economics, Economics
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You sell bicycle theft insurance. If bicycle owners do not know whether they are high- or low-risk consumers, is there an adverse selection problem?
Suppose there is no inflation and an insurance company offers a contract that would pay $500,000 with certainty 50 years from now. What is the most that this contract would be worth today if: 1. The rate of interest is 7 ...
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Could you please help me to solve the following economics question? "Universal Studios has decided to open a new theme park called Universal Studios Indiana. It will feature the usual attractions other Universal Studios ...
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Tom's income is $480and he spends it on two goods, X and Y. His utility function is U = XY. Both X and Y sells for $8 per unit. a. Use lagrangian function to calculate Tom's utility-maximizing purchases of X and Y. b. I ...
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