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Sam has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C,L) = CL. The household also has a home production technology summarized by a production function. The production function produces consumption goods with labor (l) according to f(l) = 100*sqrt(l). Time spent on leisure and labor adds up to 24, L + l = 24.
a) How much time will Sam spend in leisure? How many units of consumption good will he produce?
b) Using the production function from part a), what is the marginal product of labor at the amount of labor in part a)?
c) Now suppose that there is a competitive firm with the production function f(l) = 100*sqrt(l). Wage (w) equal to marginal product of labor from part b) and the price of output is 1. What is the profit maximizing demand for labor and amount of output? What is the profit?
Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs. Describe the relation between marginal and average variable costs.
Maintenance costs for a small bridge with an expected 50-year life are estimated to be $1,000 each year for the first five years, followed by a $10,000 expenditure in year 15 and a $10,000 expenditure in the year 30. If I = 10% per year, what is the ..
At Dulles airport, only taxis and privately owned cars are allowed to use the highway between downtown and the airport. That taxi market is competitive. There is a special lane for taxis so they are always able to travel at 55mph. Suppose P,E and G c..
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The behavior of almost everyone indicates that people believe they will be better off if they earn a larger income, because a larger income means the ability to acquire more of what they want almost, but not quite, without regard to what it is that t..
the shape depends partly on how much time consumers have to adjust a change in prices. Over a short period the demand curve is fairly steep because a few adjustments can be made.
Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency.
Find a current article about one or more of the macro variables for a nation of your choosing, such as GDP, employment, inflation, or international trade.
The single most important health policy choice in the United States over the past four decades has noting. What evidence can you cite to support your position?
the australian government administers two programs that affect the market for cigarettes. first media campaigns and
Suppose that the market for polo shirts is a competitive market. The following graph shows the daily cost curves of a firm operating in this market.
What does the difference in the CCCs tell us about the riskiness of the two firms? Why is that the case? If the expected industry return is 8%, will both firms stay in the industry? Calculate the cost of equity for the two firms?
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