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An individual has $10,000 of non-wage income in his savings account. He earns $200 per hour, and can choose to work up to 24 hours per day.
a. What does his budget constraint look like in terms of consumption (C) and leisure (l)?
b. The individual chooses to buy $12,000 worth of consumption goods while working 12 hours. Draw this and label it as point A on the budget constraint.
c. What is wrong with point A?
Classical economists believe that supply creates demand—that the production of goods generates demand. People working and making salaries spend their money on goods. The production of goods (supply) creates purchases (demand). Which of the two views ..
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With respect to factors of production, which of the following statements is not true?
China felt it was rapidly overpopulating, and it introduced the One-Child Policy. Was it fair for the Chinese government to impose a one-child per family limit on Chinese society?
STHL, manufactures gasoline-powered chain saws for professional, commercial, farm, and consumer markets. To “better serve” their customers, STHL offers its chain saws in four different quality lines and associated ranges: Occasional use, midrange, pr..
How would you classify people that have religious beliefs or their religion does not permit them to use birth control measures? This can affect the validity of your experiment.
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Is the price mechanism of a perfectly competitive market a good mechanism to allocate gasoline.
What are the controversies associated with white collar exemption changes to FLSA? What is the unions objections. Which is better the current FLSA law or the change?
Explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve. In each of the following cases, state whether the monopolist would increase or decrease output: Marginal revenue exceeds marginal ..
Explain how does price elasticity affect the price-quantity combination and segment of the demand curve that the monopolist would prefer for price and output.
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