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Patrick chooses to use his time ‘free-time’: (a) working out or (b) reading. Patrick currently has 20 hours a week to allocate to these two activities. It takes Patrick 1.5 hour to work out and .5 hours to read. Patrick enjoys both activities, but he has recently focused more on improving his thought processes; therefore, he spends more time ‘reading’. Patrick feels that the optimal allocation of his time, based upon his budget constraints, is to allocate 12.5 hours to reading and 7.5 hours to working out. (a) Draw Patrick's budget constraint and optimal consumption bundle such that the number of hours that he spends working out is on the x-axis and the number of hours that he spends on reading is on the y-axis. (b) Patrick spends more time working out and reading and he becomes more efficient at completing both of these tasks. He can now complete a work out in an hour and he can read the same amount that he previously read in half the time. If the ratio between choosing to read or work out has not changed, please graph his budget constraint and indicate where his knew budget constraint is based upon this new information. (b) Patrick spends more time working out and reading and he becomes more efficient at completing both of these tasks. He can now complete a work out in an hour and he can read the same amount that he previously read in half the time. If the ratio between choosing to read or work out has not changed, please graph his budget constraint and indicate where his knew budget constraint is based upon this new information.
Suppose i = 3%. Find the value one month before the first payment of a level annuity-due paying $200 at the beginning of each month for five years.
Which one of the following statements is not accurate? In general a production possibilities curve:
Beth and Bob Salerno are looking at refinancing their home loan of $250,000 and have been quoted 3.75% NAR for a 30 year loan compounded monthly. What will be the remaining balance after 10 years of payments? What will be the monthly payment (assume ..
Draw in excel an isoquant that shows little substitution between two factor inputs and on that shows large substitution. Vertical represents capital and horizontal represents labor
An asset has a first cost of $200,000, annual O&M costs of $5,000, a salvage value of $50,000 at the end of 10 years, and at the end of 5 years will need a major overhaul costing $20,000. At an interest rate of 4%, what is the present worth and the f..
Mars Inc. is considering the purchase of a new machine that will reduce manufacturing costs by $5,000 annually. What is the tax on salvage value?
Your disposable income is $100,000 a year. You face a 50/50 chance of losing $10,000 from an illness requiring surgery and value your income to the utility function U=income^0.6. What is your expected income, what is your certainty equivalent, what i..
Suppose there is an increase in the monthly fire insurance premium that department stores have to pay. Assume that department stores are a competitive industry. In the short-run, will the prices of goods sold at department stores increase or remain u..
How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?
Write out the estimated regression equation for heating area based on wattage and what does the value of the regression coefficient "b" tell us in this situation?
Suppose you see a series of loan payments described in factor notation as follows; P = $500(P/A, 2.02%, 24) Further suppose you know that the interest rate i=2.22% is the interest rate per quarter. What then, is the number of years over which this pa..
What interests or surprises you about the summary table? How does that rate compare with the rate in the previous month or quarter? Discuss the differences in unemployment rates by gender, age, education, etc.
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