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Q. Representative consumers have the utility function U(C,Ls) = ln(C) + ln(1- Ls)Representative consumers have labor endowment of 1. So Ls must be less than 1Representative firm's production function is Y(Ld )=4 LdThere is perfect competition in the markets (so price and wages are taken as given byfirms and consumers)a) Write down profit function of the firmb) Solve for the firms maximization problem and find the labor demandc) Write down the budget constraint of the representative consumerd) Write down the maximization problem of the representative consumer and findlabor supplye) Write down the market clearing conditionsf) Solve for equilibrium labor supply and labor demandg) Solve for equilibrium goods demanded and goods suppliedh) Solve for equilibrium price and wage
Their banks are holding back credit so it is harder for businesses to invest and for consumers to spend
In 2012, Balnur taught music and earned $20,000. She also earned $4,000 by renting out her basement. On January 1, 2013, she quit teaching, stopped renting out her basement, and began to use it as the office for her new Web site design business.
She is considering quitting her job and going to university full time for four years.
Elucidate the marginal revenue from the fourth worker
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
As a business owner making a final decision regarding the international aspects of a business decision, you may decide to set up a table with the risks and weigh their relative importance against the rate of return you foresee
The social security system levies a tax on workers and pays benefits to the elderly. Suppose that Congress increases both the tax and benefit.
How would you use these cost and revenue estimates to determine whether a sales force increase or possibly a decrease is warranted.
What are the informing factors of global interdependence, including the economic factors, political dynamics and cultural differences.
Assuming that your opportunity cost funds interest rate is 5% which refrigerator would you buy and why.
the industry that this claim were untrue, what critical questions could you ask about the HHI used for the study
Elucidate relationship among production curves average product and marginal product also cost curves average variable cost, average total cost and marginal cost.
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