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Question
The information in the table below describes choices for a new doctor. The outcomes represent different macroeconomic environments, which the individual cannot predict.Table 5.3
| Outcome 1 | Outcome 2 | |||
| Job Choice | Prob. | Income | Prob. | Income |
| Work for HMO | 0.95 | $100,000 | 0.05 | $60,000 |
| Own practice | 0.2 | $250,000 | 0.8 | $30,000 |
| Research | 0.1 | $500,000 | 0.9 | $50,000 |
A) Work for HMO, open own practice, do research.
B) Work for HMO, do research, open own practice.
C) Do research, open own practice, work for HMO.
D) Do research, work for HMO, open own practice.
E) Open own practice, work for HMO, do research.
Answer
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Related questions
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Q:
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Q:
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Q:
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Q:
Scenario 14.4:
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TP = 100L - 0.125L2 MP = 100 - 0.25L
where L is the amount of labor employed. The supply curve for labor and the marginal expenditure curve for labor are given as follows:
L = PL -5 MEL = 2L + 5
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Q:
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Use the following statements to answer this question:
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Q:
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Q:
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Q:
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B) an increase in labor employment and an increase in the wage rate.
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Q:
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Q:
The marginal revenue product can be expressed as the
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B) increment to revenue received from one additional unit of input hired.
C) marginal physical product of an input times the average revenue received from the sale of the product.
D) average physical product of the input times the marginal revenue received from the sale of the final product.