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- see image thank you disregard the answer selectedA website offers a place for people to buy and sell emeralds, but information about emeralds can be quite imperfect. The website then enacts a rule that all sellers in the market must pay for two independent examinations of their emerald, which are available to the customer for inspection. How would you expect this improved information to affect demand for emeralds on this website? How would you expect this improved information to affect the quantity of high-quality emeralds sold on the website?A T-shirt shop discovers that the WTP of its customers varies by time of day that they arrive at the shop. It conducts further research and gathers the data in the table. Then it decides to sell the T-shirts for $6 and $5 at different times of the day. What are the highest Sales $ that it can make this way? $ type your answer... Time of Day Evening WTP $5 Demand (Units) 100 Afternoon Morning $6 500 $7 50 Nav
- What is a extrapolationPls help with homework, select correct option and explain in 7-8 sentences.1) to avoid an accident at work or not exert any effort (e John is deciding whether to exert effort (e = 0). If e = 1, the probability of an accident is 0.5. If e = 0, the probability of an accident is 1. John's income without the accident is $100. In case of an accident, medical expenses will be $64. John utility of income is VI. The cost of effort, C(e), is 0 if effort is e = 0 and 1 if effort is e = 1. John's utility function is u(I, e) = Vī – C(e). (a) What are the expected utility values that John would face when he exerts effort and when he does not exert effort? Based on your calculations, should he exert effort? Briefly explain the intuition behind his decision in one or two sentences. Now suppose there is a risk neutral insurance company. Suppose the insurance company cannot monitor whether John exerts effort or not. The insurance company considers two plan contracts. Contract Plan A: Premium: p = $36. Payout in the event of accident: d = $64 Contract Plan B: Premium: p = $19.…
- Consumers exercise self interest whenPls help with below two homework. Select the correct option and explain it in 7-8 sentences. Pls solve both parts to get the positive rating.No hand written solution Please draw both graphs Consider a consumer spending their available income on two goods: medicines and food. Draw a graph showing the consumer maximizing utility given their income. Clearly label the graph. Show what happens to the utility maximizing solution if the price of medicine increases. Draw another graph showing what happens if income increases.
- 2.Answer the question.Why might a consumer want to purchase a risky product? A. A consumer might not be able to afford a less risky product B. A consumer might appreciate the risk and anticipate taking precautions C. A consumer would never want to knowingly purchase a risky product D. The product might have substitutes that are less risky E. (A) and (B)Define the following common rating errors/biases and give an example per item. 1. Leniency Error 2. Central Tendency Error 3. Strictness Error 4. Halo Error 5. Proximity Error 6. Contrast Error7. Recency Effect
