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2025-04-03 23:57本頁面
【正文】 ine will bea. risk averse. b. risk neutral.c. risk loving. d. insufficient information for a decision.Choose: b) An individual with a constant marginal utility of ine is risk neutral.14. In the figure below, what is true about the two jobs?a. Job 1 has a lower standard deviation than Job 2.b. All outes in both jobs have the same probability of occurrence.c. A riskaverse person would prefer Job 2.d. A riskneutral person would prefer Job 1.e. Job 1 has a higher expected ine than Job 2.Choose: a) Job 1 has a lower standard deviation than Job 2. Expected ine of Job 1 equals to Job 2.Part 2:The demand curves for steak, eggs, and hot dogs are given in the table below. The current price of steak is $5. The price of eggs is $, and the price of hot dogs is $. Fill in the remaining columns of the table using this information. Indicate which goods are substitutes and which goods are plements.GoodDemand EquationSteak Price Elasticity of DemandEgg Price Elasticity of DemandHotdog Price Elasticity of DemandSteakEggHotdogSolution: GoodDemand EquationSteak Price Elasticity of DemandEgg Price Elasticity of DemandHotdog Price Elasticity of DemandSteakEggHotdogSteak and eggs are plements. Steak and hotdogs and eggs and hotdogs are substitutes.Part 3:Draw indifference curves to represent the following descriptions of consumer preferences:a. I can’t taste the difference between apple and grape jelly, but I likethem both.b. I only like grape jelly and never eat apple jelly.c. Apple and grape jelly are better mixed, although I don’t care too much about the proportions.Answer:a) See Figure 7(a). Since the consumer can not tell the difference between the two flavors, all he would care about is the total amount of jelly he has.b) See Figure 7(b). An i
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