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A consumer has the utility function for leisure (l) and consumption (C) -> U(L,C)=C3/4l1/4
The real wage rate, w, is competitively determined to be ten. The number of hours, H, available to the consumer is 24. The profits by, distributed, to each consumer are 200 and taxes, T, are lump sum at 100.
(a) Given the above, how much leisure would the consumer consume?
(b) Given the above, how much consumption would the consumer choose?
(c) Given the above, how many units of time will the consumer spend working?
What are the key management assertions related to equity? What are the most important assertions related equity? How will auditors test these assertions?
A prominent senator has calculated the total social benefit of the currant amount of space exploration at $3 billion per year. The total social cost of space exploration is currently only $2 billion. The senator argues that there would be a net gain ..
The common law has always allowed all adults executing a will to partially or completely disinherit all, some or none of their children, adult or minor, as they see fit. No reason must be given and absolute discretion falls to each individual parent ..
Suppose that most Baltimore Orioles fans prefer Sunday afternoon baseball games (regardless of opponent) to all other games. Describe two pricing strategies that the Orioles could use to increase profits based on this difference in demand.
The inverse demand curve for sugar is P = 100−Q. There are two firms, C and D, who produce sugar. Firms produce sugar using a technology with a cost function characterized by C(Qi) = 20Qi where Qi is the quantity produced by each firm. What is the Be..
A persone has a choice between an apple or an orange. the persone chooses the apple. Elucidate what is the opportunity cost of choosing the apple.
Always Round Tire is the only producer of tires for the new British import, the Maxi Copper. Demand for a set of four tires is P = 800 - 5Q (note: Marginal Revenue has twice the slope as the demand curve) while the cost incurred by the firm is MC = 1..
The relevant cost index was 120 4 years ago. The cost then for a gas station tank of 1,500 gallons was $40,000. We want to now purchase one size 4,500 gallons but the purchased price cost index is now 300. Assuming a power law size model with exponen..
Many companies have shifted to a process where two or more steps are carried out at the same time; this is an example of: An organized, detailed, and hierarchical representation of all work to be performed in a project is known as a:
Temperatures have persisted below freezing levels in Florida throughout the months of December and January. As a result demand for electricity sharply increased and the price of lectricity rose sharply. The price of coal also rose. In these circumsta..
Are cyclical fluctuations necessary for economic growth?
What happens to the stock of money if the Fed lowers reserve requirements by changing the reserve ratio to 10 percent?
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