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- ЕОC 12.02 Suppose you are the mayor of a town and you want to increase safety at an intersection. A traffic light will increase safety and reduce fatality risk by 0.5% but costs $100,000. Suppose the value of human life is estimated at $10 million. Should you spend the money to install the traffic light? (Hint: to multiply 1% by 200 you follow this process: 0.01 x 200 = 2). Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Yes, since the expected benefit ($500,000) exceeds the cost. b Yes, since the expected benefit ($150,000) exceeds the cost. No, since the expected benefit ($50,000) is lower than the cost. d No, since the expected benefit ($15,000) is lower than the cost.what does non-stationarity mean ?Atleast 5
- FIVE. Which of the following is true about standard deviation? The first step in calculating the standard deviation is calculating the square root. The second step in calculating the standard deviation is to subtract each measurement from the intermediate value and then square that difference. The last step in calculating the standard deviation is to sum the squared values and divide by the number of values minus one. Standard deviation is a type of average where the positive and negative numbers sum to zero. The amount of difference of the measurements from the central value is called the sample standard deviation.A salesperson can put in regular effort (resulting in a 50% chance of sale) or higher effort (75% chance of sale). If high effort costs the salesperson $25 more than regular effort, how large a per sale bonus is required to encourage high effort?A risk-neutral worker can choose Low or High effort. The manager cannot observe the worker's action, but the manager can observe the realized revenue for the firm (either $300 or $500). Low Effort Cost for worker= $0 Probability Low Revenue ($300)=80% Probability High Revenue ($500)=20% High Effort Cost for worker= $40 Probability Low Revenue ($300)=40% Probability High Revenue ($500)=60% Instead of offering a flat wage, the manager is trying a new payment scheme. The manager is currently offering to the worker a payment equal to 40% of the revenue of the firm. Given this payment, the firm's expected profit will be
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