In Atlanta, tickets for professional and college football games are substitutes. An increase in the ticket price for professional football, other things being equal, will
a. increase the demand for college football tickets.
b. decrease the demand for college football tickets.
c. not change the demand for college football tickets.
d. decrease the demand for professional football games.
A
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The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen
The midpoint of the chord that runs from zero and intersects the utility function where wealth is 100, represents Bob's A) risk premium. B) expected utility of receiving $50 with certainty. C) expected utility of receiving $0 50% of the time and $100 50% of the time. D) risk neutrality.
Which of the following will NOT shift the MRP curve for labor?
A) a change in the productivity of labor B) a change in the price of the product being sold C) a change in the wage rate in the market D) a change in the demand for the product being produced