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1. A worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $15 per hour.
a. Illustrate the worker's opportunity set in a given 24-hour period.
b. Suppose the worker is always willing to give up $11 of income for each hour of leisure. Do her preferences exhibit a diminishing marginal rate of substitution? How many hours per day will she choose to work?
2. It is common for supermarkets to carry both generic (store-label) and brand name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes, meaning that consumers are always willing to substitute a constant proportion of the store brand for the producer brand. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar.
Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-brand sugar?
Assume that this consumer has $24 of income to spend on sugar, and the price of a store-brand sugar is $1 per pound and the price or producer-brand sugar is $3 per pound. How much of each type of sugar will be purchased?
How would your answer change if the price of store-brand sugar was $2 per pound and the price of producer-brand sugar was $3 per pound?
How would you addresss the graft and corruption in your respective school?
Two months before, the landlord of a car dealership significantly changed his sales manager's compensation plan. Under the old plan, the manager was paid a salary of $6000 every month
1.What policy measures could the government adopt to prevent the exchange rate movements in question 11?
Statistically significant in explaining variations in the average operating expense ratio - what type of cost-output relationship (e.g., Linear, quadratic or cubic) is sugg ested by these statistical results?
The level of fixed expenses necessary to run my coffee shop on a monthly basis is $9,000. In addition, a cup of coffee sells for $1.25 costs $0.25 for the bulk coffee, filters, and water.
Provide a brief discussion of the auditor liabilities and the potential defenses - What are the brief facts of the case that led to the investigation and what duties of care, laws, or responsibilities to clients were violated?
What factors determine the effectiveness of discretionary fiscal policy?
Over the last thirty years the company of Petroleum Exporting Countries has had varied success in forming and maintaining its cartel agreements.
Would the world benefit from the general imposition of controls on the movement of international finance?
Carlos Gomez is the receiving supervisor for a large grocery store. Trucks arrive to the loading dock at an average rate of four per hour, according to a Poison distribution, for 8 hours each day
Locate a news article about an issue that has been addressed in Weeks 1 through 3 (e.g., poverty, pollution, etc.) in order to conduct a meta-analysis of the author's economic perspective of the selected issue.
What are indifference curves? Explain the consumers' equilibrium under the assumptions of ordinal approach and examine the concept and relationship of Total, Average and marginal costs with the help of suitable diagram.
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