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- The conventional wisdom for urban economic development is: “Don’t put all your eggs in one basket. Diversify the economy.” To explain the idea of diversification, consider old McDonald, who must carry a dozen eggs from the barn to the house. The ground between the barn and the house is slippery, so there is a 50 percent chance that McDonald will slip on a given trip and break all the eggs in his basket. Consider two strategies: a one-basket strategy (a single trip with all 12 eggs) and a two-basket strategy (two trips, with 6 eggs per trip). INDEPTH ANSWERS. Questions= (1.)List all of the possible outcomes under each of the strategies. Question (2.)What is the expected number of delivered (unbroken) eggs under each strategy ? Question (3.)What are the trade-offs between the two strategies? If you were McDonald, which strategy would you adopt? Question (4.)What are the lessons for economic development strategies?Please ASAP this multiple choice question. Thank you. In the 1980s , Boston developed Operation Ceasefire, which was meant to clearly describe the consequences of criminal activity to a tageted group of high risk repeat offenders. This type of program best represents which purpose of punishment? A. Incapacitation B. Retribution C. General deterrence D. Specific deterrenceQuestion 1 Imagine we live in a world with two types of skill sets: people with high ability and people with low ability. A diploma will cost a high ability person about 8K and will cost a low ability person about 20K. Businesses use education as a screening tool and they intend to pay 25k to workers without a diploma and $X to those with a diploma. In what range must X be to make this an effective screening tool? Your answer will include a set of equations showing the dollar range for both low ability and high ability people.
- Questions 1. Even though Professor Ramirez deviated from the college’s policy regarding plagiarism, do you feel that she acted ethically? 2. If you were a student in this class and learned Professor Ramirez made an exception for this student, would you think she acted ethically? Explain. 3. In Table 12.1, the Six Pillars of Character are detailed. Which of these six pillars did Professor Ramirez display in consideration for her student, and how? 4. Professor Ramirez’s actions ultimately brought into question whether or not the ends justify the means. Do you feel that her leniency in this case made her a stronger or more ethical leader? Explain.Cost-Benefit Analysis Suppose you can take one of two summer jobs. In the first job as a flight attendant, with a salary of $5,000, you estimate the probability you will die is 1 in 40,000. Alternatively, you could drive a truck transporting hazardous materials, which pays $12,000 and for which the probability of death is 1 in 10,000. Suppose that you're indifferent between the two jobs except for the pay and the chance of death. If you choose the job as a flight attendant, what does this say about the value you place on your life?Assistance please implementation and enforcement of the seat belt law has resulted in an increase in the number of accidents. 1. which core principle is represented in this scenario(if any)? choose one deminishing returns people response to an incentive cost benefit analysis the suitation does not represent a core principle incentive principle cost,choice,opportunity cost scarcity, choice, opportunity cost compare the cost verses benefit in making decision adding more variable cost to a give fixed factor Explaination choose one deminishing returns people response to an incentive cost benefit analysis the suitation does not represent a core principle incentive principle cost,choice,opportunity cost scarcity, choice, opportunity cost compare the cost verses benefit in making decision adding more variable cost to a give fixed factor
- Problem: Consider a state in which automobile drivers are divided equally into two types of drivers: careful and reckless. The average annual auto-insurance claim is $400 for a careful driver and $1,200 for a reckless driver. Suppose that the state adopts an insurance system under which all drivers are placed in a common pool and allocated to insurance companies randomly. An insurance company cannot refuse coverage to any consumer it is assigned, but a consumer who is unhappy with the insurance company has the option of being reassigned (randomly) to another. By law, each insurance company must charge the same price to all its customers (i.e. no price discrimination). Assume that the insurance market is perfectly competitive and that claims represent all the costs associated with provision of insurance. Predict the minimum price of auto insurance under two alternative policy scenarios given below. Show all of your work and explain your answers. A. Auto insurance is mandatory B. Auto…5. Individual Problems 18-5 When a famous painting becomes available for sale, it is often known which museum or collector will be the likely winner. Yet, the auctioneer actively woos representatives of other museums that have no chance of winning to attend anyway. Suppose a piece of art has recently become available for sale and will be auctioned off to the highest bidder, with the winner paying an amount equal to the second highest bid. Assume that most collectors know that Simone places a value of $65,000 on the art piece and that she values this art piece more than any other collector. Suppose that if no one else shows up, Simone simply bids $65,0002=$32,500$65,0002=$32,500 and wins the piece of art. The expected price paid by Simone, with no other bidders present, is . Suppose the owner of the artwork manages to recruit another bidder, Yakov, to the auction. Yakov is known to value the art piece at $52,000. The expected price paid by Simone, given the…An old lady is looking for help crossing the street. Only one person is needed to help her; if more people help her, this is no better. You and I are the two people in the vicinity who can help; we have to choose simultaneously whether to do so. Each of us will get pleasure worth a 3 from her success (no matter who helps her), But each one who goes to help will bear a cost of 1, this being the value of our time taken up in helping. If neither player helps, the payoff for each player is zero. Set up this game in strategic form.
- Please see question bellow and 1st answer. Please help with the 2nd part of the question. What kind of incentives would help with the problem? The black rhino is one of the most endangered species on the planet. In southern Africa in 1970 there were 65,000 Black Rhinos. Now there are only 2,500. Basic economics tells us why they are in trouble and what we can try to do about it. Why do people kill the black rhino? Because they can make a lot of money relative to the risk of getting caught - just like drug trafficking and lying on your taxes. In Asian communities the horn is viewed as an aphrodisiac and a powerful pain reliever. In Yemen sabers are made from them. As a result one horn can fetch $30K on the black market. The average yearly income in southern Africa is $1,000 and falling. The black rhino is worth more dead than alive. This is a market that does not correct itself. Another piece of this, that is common to many environmental challenges, is that most black rhinos are…Major colleges make literally Billions on college athletic and alumni programs. As of July 1, 2021 college athletes can profit on their Name, Image, and Likeness. Should College athletes be compensated and or remunerated in addition to Scholarships, should these athletes be treated as employees? After more than a year of this being in affect, do you see this as a long term good or bad decision? Research NCAA NIL stories and highlight both a positive example and a negative examplEIn the city of Swiftsure, there is only one crime, armed robbery. The city recently decided to double the probability of imprisonment from 10 percent (10 percent of armed robberies result in a prison sentence) to 20 percent. Because the city has a fixed prison capacity, it also cut the average prison sentence in half, from 3 years to 1.5 years. a. Would you expect these changes in the city’s crime policy to increase, decrease, or not affect the city’s crime rate? Explain why. Would you expect these changes to increase, decrease, or not affect the total cost of crime (the sum of victim and prevention costs)?