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An individual derives utility from consumption goods, X, and leisure time, N, to maximize the daily utility level, u = XN. Outside income per day is $m and the price of consumption goods is $p. The individual can earn money each day by working at a wage rate of $w per hour, but working of course takes away from leisure time (which implies it causes disutility). The individual’s utility maximization problem is constrained by two things: (i) the budget constraint, pX = m + wL, and (ii) the “time constraint”, L + N = 24 . the production function produces consumption goods with labor (L) according to f(L)=100* square root L. How much time will they spend on leisure? How many units of consumption goods will be produced?
Sally Rand owns a ceiling fan company. She sells 1,000 ceiling fans at $50 each. Each fan costs her $20. She uses her own money to buy the fans; she withdraws the money from her savings account where it earns 5 percent interest. Before going into the..
Inflation is forecasted to remain consistent with its target over the next 1-2 years. Inflation arises when:
If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?
q.you are the owner of a fast food restaurant. given a new item that you recently advertised you experience additional
A local community bus service, the only bus service in the market (i.e. a monopoly), charges $2.00 for a one-way fare for all riders. The city council is thinking of raising the one-way fare to $2.50 for all riders. If the city council increases the ..
comparing the company's cash records with the monthly bank statement reveals several additional cash transactions. Calculate the correct balance of cash?
Decide whether the demand for paint is elastic, unitary elastic or inelastic. Explain you're reasoning also interpret your results.
You are responsible for creating an ad that will hopefully entice more consumption of your product or service. Describe for me a couple of items that you want to say to your consumers through your ad?
Regarding inflation, as I mentioned earlier, the recent effects of lower prices for crude oil and for imports on overall inflation are expected to wane during this year. Explain why the FOMC is concerned not only about actual recent inflation rates a..
Explain how you were to learn that a bottle of Gatorade rise in size from 2009 to 2010, should that information affect your calculation of the inflation rate.
The recent immigration of labor into the United States from Mexico has led to increased calls for new restrictions on this movement of labor (including greater enforcement of existing restrictions). What would be the costs and benefits to the United ..
Freemont insurance sells homeowners insurance. In a recent financial review, managers discovered that company performance was lagging behind projections. Does this group have enough information to make a good decision? Suppose adverse selection is at..
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