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Sergei is a computer programmer with a utility function equal to U=Y+120L-L . He contracts with Uber that allows him to set his own work hours; they pay him $50/hour. He has allocated himself a work-hour time budget of a maximum of 250 hours per month, so he may work less than this, depending on how lucrative his work is. Draw and properly label Sergei’s labor supply curve for a wage increase from $50 to $100 per hour. Draw and properly label Sergei’s labor supply curve for a wage increase from $50 to $100 per hour. (A)Draw and properly label Sergei’s labor supply curve for a wage increase from $50 to $100 per hour.
Explain what a slope of .5 would mean if you were measuring the relationship between consumer spending and income, where the dependent variable is consumer spending and the independent variable is income? Explain what is meant when the slope of a lin..
Illustrate what are the opportunity costs for the manager of being in this business relative to returning to his old job. What is the economic profit of the business.
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/20,000, making the marginal revenue MR=1.70-Q/10,000. The marginal cost is constant at equal to 0.80. The fixed cost is 2,000. So, the total cost is..
Write a 1- to 2-page paper identifying the various parts of your chosen country’s Political Economy. Explain how this system developed over time and any changes you may foresee for the near future. Cite resources as appropriate to support your commen..
Briefly analyze in terms of supply and demand the effects upon the given market of the following events. Are these changes a shift in the demand curve, a shift in the supply curve, a movement along the demand curve, or a movement along the supply cur..
If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money.
If both persons carry an average balance of $3000 on their credit cards for 3 years, how much more money will Edward repay compared with what Jorge owes
Using this demand function, find the total revenue function. What is the shape of the total revenue function.
Two brokers at Morgan Stanley: Bob and Simon are comparing their performance last year. Bob averaged a 19% rate of return on his portfolio, while Simon averaged a 16% rate of return. The beta for Bob’s portfolio is 1.5 while the beta for Simon’s port..
q.social regulation is undertaken with the intention of improving the quality of life. the agencies most people are
Assume the demand for balloons is P=40-2Q. The supply is P=3Q. What is the equilibrium price and quantity? What is producer surplus? What is the consumer surplus?
Calculate the present worth of the following geometric gradient series cash flow: Annual interest Rate =9.64 %, Annual cash flow increases 29% each year, The first year value is $65 and the series is 9 yrs long.
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