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A consumer has the utility function for leisure (l) and consumption (C) -> U(L,C)=C3/4l1/4. The real wage rate, w, is competitively determined to be ten. The number of hours, H, available to the consumer is 24. The profits by, distributed, to each consumer are 200 and taxes, T, are lump sum at 100.
(a) Given the above, how much leisure would the consumer consume?
(b) Given the above, how much consumption would the consumer choose?
(c) Given the above, how many units of time will the consumer spend working?
A consumer has income of $500. chips costs $2 , and burger costs $6. Draw his budget constraint (put burger on the horizontal axis). What is the slope of her budget constraint? Draw Consumer’s indifference curves for chips and burger if you love chip..
The radio manufacturing industry has been in decline for quite some time. Suppose the government is called on to save this industry with infusions of cash, low interest loans, or other special breaks. This might be touted as helping firms remain open..
Compared to other countries of comparable wealth, the United States has: Much of the rise in income inequality in the past 20 years in the United States comes from: In the United States and other wealthy countries, a large part of the welfare state i..
How are market structures characterized? How are monopolistic competition able to achieve market power? Monopolistically competitive firms can earn positive economic profits in the short run, but in the long run:
Firms in monopolistic competition can acquire some market power by: Which school of thought calls for more information from government policymakers so that consumers can make more rational economic decisions?
EXPLAIN IF POSSIBLE. What is happening to the US real exchange rate in each of the following situations? Explain. The US nominal exchange rate declines, and prices rise less in the US than abroad.
Your sales are $63,000.00 and your stock is reduced by $27,000.00 worth of markdowns. Your receipts are $75,000.00. What is your ending inventory?
Suppose a network has been developed for a project where T=38 months and \alpha {^2}=7 months. Find the probability that the project will be completed within 40 months, using (a) the standard normal tables and (b) a spreadsheet.
a if you deposit 10000 in a bank account that pays 10 interest annually how much will be in your account after 5
It is just a coincidence that economy is currently in recession. The prime minister has asked you to frame a policy package that will restore full employment without affecting the current account. Using the DD-AA model, describe a package of monetary..
Discussion surface area and volume play a role in marketing products, such as advantages and disadvantages. Give specific examples and include related information when appropriate, such as surface area, lateral area, cross section, etc.
How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
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