Aclient of yours has heard about private equity investing from some wealthy friends and asks you, the registered representative about it. this customer is age 51 and earns $160,000 per year. he is willing to assume a moderate level of risk in pursuit of higher returns. this customer has a liquid net worth of $450,000 and has a diversified equity and bond portfolio. you should tell the customer that the best way to make a private equity investment is to invest in a(n):

White truffles are a very prized and rare edible fungus that grow naturally in the countryside near alba, italy. suppose that it costs $200 per day to search for white truffles. on an average day, the total number of white truffles (t) found in alba is t = 20x − x 2 , where x is the number of people searching for white truffles on that day. white truffles can be sold for $100 each. if there is no regulation, how many more people will be searching for white truffles than the socially optimal number?