22 Jul vWHY MIGHT PEOPLE TEND TO BE OVERCONFIDENT?
Suppose that the marginal utility of good A is 4 times the marginal utility of good B but the price Show more Suppose that the marginal utility of good A is 4 times the marginal utility of good B but the price of good A is only 2 times the price of good B. What is the purpose of the two fields of study neuroeconomics and behavioral economics? Why might people tend to be overconfident? Use the following information to determine the total fixed costs total variable costs average fixed costs average variable costs average total costs and marginal costs. Total Output Costs TFC TVC AFC AVC ATC MC 0 $100 1 $150 2 $225 3 $230 4 $300 5 $400 2. Use the following table to answer the questions listed below. Total Output Cost TFC TVC AFC AVC ATC MC 0 $20 10 $ 40 20 $ 60 30 $ 90 40 $120 50 $180 60 $280 a. Calculate the total fixed costs total variable costs average fixed costs average variable costs average total costs and marginal costs. b. Plot each of the cost curves. c. At what quantity of output does marginal cost equal average total cost and average variable cost? 3. Using the table in exercise 1 explain what happens to ATC when MC > ATC MC < ATC and MC ATC. 4. Using the table in exercise 2 find the quantity where MC ATC. Find the quantity where ATC is at its minimum. Find the quantity that is the most efficient operating point for the firm. Consider a firm with a fixed-size production facility as described by its existing cost curves. a. Explain what would happen to those cost curves if a mandatory health insurance program is imposed on all firms. b. What would happen to the cost curves if the plan required the firm to provide a health insurance program for each employee worth 10 percent of the employees salary? c. How would that plan compare to one that requires each firm to provide a $100000 group program that would cover all employees in the firm no matter what the number of employees was? Show less
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