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Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following:
a. Show how Joe’s lottery winnings affect the position of his budget line.
b. Joe’s utility function for goods per pay (Y) and hours of leisure per day (N) is U=Y+240N^0.5. After winning the lottery, does Joe continue to work the same number of hours each day? What is the income effect of Joe’s lottery gains on the amount of goods he buys per day?
An office supply company has purchased a light-duty delivery truck for $15,000. It is anticipated that the purchase of the truck will increase the company’s revenue by $10,000 annually, while the associated operating expenses are expected to be $3,00..
Inflation and Quantity theory of Money. Adapted from Jones Q3 Ch 8: What is the key endogenous variable in the quantity theory? (Read chapter 8 if this isn't clear) Explain the effect on this key variable of the following changes (holding everything ..
The number of days' sales in inventory. Round to nearest dollar and one decimal place. Illustrate what conclusions can be drawn from these data concerning the inventories.
State the rule for optimum input allocation to produce a given level of output at the lowest possible cost -when two inputs are variable and the prices of the inputs are given- and explain why it makes sense.
A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as..
Suppose that two UK government bonds have same face values with £100. One has an outstanding maturity of 2.5 years. Its coupon rate is 9.75% and coupons are paid semi-annually.
Assume a perfectly competitive firm is currently producing 5,000 units of output and is earning $15,000 in total revenue. The corresponding average total cost is $3.50 and total fixed costs equal $1250. Based on this information, should this firm con..
Explain what is meant by "contribution analysis". Carefully define the term and provide examples to illustrate it.
John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill values the car at $4,800 but offers $4,500 for it and John accepts. How much producer surplus is created by this trade? How mu..
Ann’s preferences are represented by a utility function UA(x). Suppose one were to (coloquially) say that Carol has more “sensitive preferences” than Ann: her utility function UC (x) satisfies UC (x) = 2UA(x). Prove that for every choice set, Ann and..
Why are there extreme disparities in performance among private equity funds relative to disparities in performance among other asset classes and how would you go about improving your performance?
A major defence supplier expects to generate additional revenue from its recently won government contract. The company expects the revenue will be $110 million in the first year and the revenue increasing by $2.5 million each year for the next 4 year..
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