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Suppose there is a single consumer with U = Sl, where S is steaks and l is leisure time.
The Consumer is endowed with one unit of leisure time, and the production for steaks is S = l / c , where c >0 is a constant.
Assume that the government can observe the leisure that is consumed. It taxes leisure consumed at t per unit of leisure and returns the collected ‘revenue’ to the consumer.
Find the equilibrium consumption of steaks and leisure, and calculate the welfare loss (in terms of utility) of this tax. Explain your answer in words with reference to an appropriate diagram.
q.two alternative designs are under consideration for a tapered fastening pin. the fastening pins are sold for 0.70
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St. Joseph's school has 1,200 students, each of whom currently pays $8,000 per year to attend. In addition to revenues from tuition, the school receives an appropriation from the church to sustain its activities. She suggests that another solution mi..
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The relationship between marginal revenue and elasticity is when demand is elastic marginal revenue is positive and when demand is inelastic marginal revenue is negative
Illustrate what is the gain in consumer's surplus for ABC fan that can get these sweaters at Target instead of at the ABC.
Ben’s preferences are represented by the marginal rate of substitution MRS = 2y/x. His income is I = 180. The market prices are Px = 3 and Py = 1. What is his optimal consumption basket?
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