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Steve Slacker is age 25, has an MBA degree, but is not working. Instead he is living at a major ski area, using the $2,000 per week he gets from his wealthy family. The family, however, seeing that Steve is becoming a permanent slacker, ends his weekly payment. As a result, Steve chooses to take a job that pays $1,000 a week for 40 hours or work.
a) Construct a single income-leisure choice graph to show Steve’s situation before and after his parent’s decision.
b) Briefly summarize the outcome as to hours of work, total weekly income, and Steve’s total utility.
Elucidate how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves.
If $7,000 is borrowed and repaid with four quarterly payments of $600 during the first year and four quarterly payments of $1,500 during the second year after receiving the $7,000 loan, what is the effective annual interest rate for the loan?
Illustrate what is the probability which at least one of the 5000 funds outperforms the market in 5 consecutive years, 10 consecutive years and 20 consecutive years.
Find the optimal capital and labor inputs given the production function f (k, l) = ak + bl and that the output price is given by p, the rental price of capital is r and w is the wage.
How can you justify existence of government-granted monopolies for such public utilities as local telephone service, natural gas.
All else held constant, the choice whether to use labor intensive production process or capitla intensive one depends on; 1. whether the compnay is growing or shrinking. 2. the relative prices of capital labor 3. the type of market in which the firm ..
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mechanical engineer who recently graduated with a masters degree is contemplating starting his own commercial heating
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Suppose that the government collects $3 million in taxes, pays $2 million in Social Security benefits, pays $0.5 million in interest on the national debt, and pays workers $1 million to sit at their desks and work as little as possible. What is the g..
Discuss the importance of law and the requirements to amend them reqularly.Cite examples from perspective of Oman and explain with evidence the importance, advantages of the commercial agreements between Sultanate of Oman and foreign countries.
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