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1. Illustrate the full income budget constraint on an individual who has T0 units of discretionary time, Y0 units of unearned income and a wage rate of W0.
2. In the same diagram, illustrate the utility maximizing choice of leisure and goods/income. Indicate the number of hours that this individual works.
3. Now suppose that some kind of time-saving device (such as improved transit or the introduction of microwave ovens) increases the amount of discretionary time to T1>T0. Illustrate the new budget constraint in your diagram.
4. How does this increase in discretionary time affect the quantity of labour supplied to the market? Explain and illustrate in your diagram.
Explain how both the flow-of-product approach and the earnings approach can be used to measure GDP and the role profit plays in these calculations.
When an excise tax is collected from sellers of a product with relatively inelastic demand, which of the following occurs?
Using marketplace equilibrium why do baseball players also CEOs make more money than your lowly Economics instructor.
A Material Requirements Planning (MRP) is most valuable in industries where a number of products are made in batches using the same productive equipment and with companies involving
Which principle of tax equity-the benefit principle or the ability-to-pay principle-is in closest agreement with your personal idea of what is fair? Develop a "position statement" based on your response.
Jane wants to buy a beautiful doll as a gift for her sister's birthday. She knows that the same product is offered in different shops with prices of $120, $100, and $80 with odds of one-third of finding each price. She just stopped at a shop and know..
When the general price level rises and firms decide not to change their prices in the short run, this can be attributed to:
Elucidate why does strong mono tonicity implies local non satiation but not vice versa
q. bud owen operates buds package store in a small college town. bud sells six packs for off-premises consumption. bud
Provide a short example of how the law of diminishing marginal utility applies to a real-life situation. In your answer, explain why utility from consumption of these specific good or service increases quickly initially, peaks, and may eventually lea..
If 100 % of deficit is financed by sale of securities to federal agencies, illustrate what happens to amount of debt held by public Illustrate what happens to level of gross debt.
Super Tennis Co is in the business of designing and manufacturing running shoes for long distance runners. They are considering a $500 million upgrade to their production line for the iPhone/iPad/ iWatch connected shoe that has Bluetooth connectivity..
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