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Consider the optimal choice of labor and leisure discussed in class and the text. Suppose a consumer works the first 8 hours of the day at a wage rate of $10 per hour, but receives an overtime wage rate of $20 for additional time worked.
a. On an optimal choice diagram, draw the budget constraint. (Hint: it is not a straight line.)
b. Draw a set of indifference curves that would make it optimal for him to work 4 hours of overtime each day.
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text).
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 w..
The city of Econville has three bookstores on the Main Circle that is 1 mile long. The bookstores have no costs. The distance between any two neighboring stores is the same and equal to 1/3 miles. There are 100 residents uniformly located along the M..
A monopsonist faces a labor supply curve given by LS = −300 + 0.01w , where w is the annual salary. What is the lowest salary the firm can pay yet still induce one worker to want to work for the firm? What is lowest salary the firm must pay to induce..
q.suppose a computer virus disables the nations automatic teller machines atm manufacture departure s from bank
A firm will charge it's customers two different prices for the same good when the quantity demanded is higher than quantity supplied; this firm's constraint exists when marginal cost equals marginal revenue during peak demand. If a firm has inelastic..
The problem of double coincidence of wants is associated with:
All Open University Malaysia (OUM) Students are identical and they are all indifferent between attending the OUM and their next best alternative. Students eat are the student union.
Chapter 17's discussion of "Inflation Bias and Other Problems of Policy Formulation" suggests that there may not really be any such thing as a permanent fiscal expansion. What do you think?How would these considerations affect the exchange rate an..
Explain, in economic terms, how this arrangement with Delta and United could have caused the value of SkyWest to increase so dramatically even though it limited the amount of profit the company could earn.
What is the independent variable? What is the dependent variable? What is the intercept? What is the slope? Which equation represents demand side? Which equation represents supply side? What are endogenous variables in this model? What are exogenous ..
A refrigerator sold for $500. The store announced the refrigerator by charging 0.5% monthly interest on the unpaid balance. If the refrigerator is paid for with 30 equal end-of-month payments: What will be the size of the monthly payments?
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