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Adam Sandler has a utility function U(C,L)=C^1/2L^1/2. The wages now available to him are $9/hour and non wage incomes in royalties are $6/day. Find the MUL and the MUC. Find the MRS for leisure to consumption to find the optimal ratio of leisure to consumption. Write out and draw the Budget Constraint for Adam Sandler, assuming he has 24 in which he can work.
Russian farmers, again, have a poor crop. Their government has announced that they will not ban exports. Discuss the impact on domestic and world prices, consumers and produce
Suppose you have the generic demand curve. Calculate demand using the current market conditions. (Show your work) Is P1 a substitute or complement? (Why) Is P2 a substitute o
Should decision management and decision control be separated? As part of your discussion, provide a real-world example (or provide a fictitious example) of a firm where the co
Are unions good or bad for economy. How do unions at GM and Ford affect employment levels and wages How do unions affect or industries in terms of employment and wage levels
Fiscal policies is a tool used by government to stimulate the economy. This week we will consider monetary policies - these are policies implemented by Fed to support sustaina
The given is natural logarithmic function. Ln(Q)=-0.23-0.34ln(P)+0.45ln(P2)+1.33ln(I). What is the price elasticity of demand for raspberries? What is income elasticity of dem
An apple farmer must decide how many apples to harvest for the U.S. market. He knows that there is a one-half probability that the world price will be $6, a one-quarter probab
Mr. Odde Ball enjoys commodities x and y according to the utility function U(x,y) = √x^2 + y^2. Graph Mr. Ball’s indifference curve and its point of tangency with his budget c
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