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Let Y represent income and L represent hours of leisure. Mike's utility for income and leisure is U(Y,L) = Y x L so that marginal utility of leisure = Y and the marginal utility of income = L. Total hours available for leisure and work in any given week = 80. He earns $15 per hour.
A) Calculate mike's optimal amount of income and leisure if he has no non labor income.
B) If the government starts a income maintenance policy that pays $X to all non workers and $0 to all workers, at what value of $X will Mike opt out of the labor force and go on welfare.
An Asset for transportation purchased and placed in service by a petroleum production company. Its cost basis is $75,000, and it has an estimate MV of $15,000 at the end of an estimated useful life of 15 years.
Would your answer change if BOC could issue SFr commercial paper supported by the revolving credit at 3.5%.
Research one case of trade restriction, implemented by any nation. Research your topic, using at least 2 sources, and write a brief report (approximately 2 pages) on your findings.
The banks hold no excess reserves, Illustrate what will happen to the total money supply. How did you reach your answer.
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Explain terrorist attacks foster instability and may affect productivity over the short and long term.
In which market model would there be a unique product for which there are no close substitutes? In which two market models would advertising be used most often?
Mayland Utilities has outstanding a bond issue that will mature to its $1,000 par value in 12 years. The bond has a coupon interest rate of 11% and pays interest annually. Find the value of the bond if the required return is 15%. Then tell if the bon..
You plan to buy a $152,015 house. You have $24,200 to use as the down payment. The bank offers to loan you the remainder at 18% nominal interest compounded monthly. The term of the loan is 20 years. What is your equal monthly loan payment?
The elasticity of demand for cigarettes is estimated to be about - 0.5. Assume the elasticity of supply of cigarettes is 1. If the government places a tax of $0.60 on cigarettes, how much will the price of cigarette increase (approximately)?
Which of the following are tools available to the Federal Reserve to influence the money supply directly?
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