<u>Solution and Explanation:</u>
As the utility function is concave in shape, so person is risk averse. Thus, he will not accept the gamvle.
The difference between utility at point A&C = 70 minus 65 = $5, is less than a the difference between A&B = 65 minus 55 = $10
<u>MCQ:
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Answer is option a&d - risk averse people fear a lot for losing money, thus they overestimate the probability of loss
Since, shape of utility function is concave, hence the double derivative of utility with respect to wealth is negative, so utility falls at an decreasing rate , as wealth increases
It's 16.282. ok I don't think for sure though
The shelves must be at least SIX [6] INCHES above the floor. This is necessary in order to facilitates proper cleaning of the floors, the unobstructed space below the shelf will make it easier to clean the underneath of the shelves. This will prevent cockroaches and other kitchen pests from habouring the space.
Answer:
The correct answer is same as the profits of a purely competitive firm.
Explanation:
A monopolistic market is characterized by a large number of sellers producing differentiated products which are close substitutes. This market has a relatively easier entry as compared to a monopoly market.
In the long-run when a monopolistic firm will be earning a positive profit. It will attract other firms to join the market. As new firms enter the market, the market supply will increase. A rightward shift in the market supply curve will cause the price level to decline. This will continue till all the profits decline to zero.
So, similar to a purely competitive firm, a monopolistic firm also earn zero economic profit in the long run.
Answer:
Although traditional agricultural practices were and are still probably the most important economic activity of Mali, they are not able to produce on a large scale to be able to export.
On the other hand, gold is something that most foreign companies and governments want, so the rulers of Mali engaged in gold trade. Since writing was not common in local communities in Mali, a lot of the records and history of Mali was done by foreigners and their main interest was gold.
