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You have just won $100,000 lottery. Use a diagram showing the tradeoff between leisure ( on x-axis) and goods (y-axis) for the following:
a) Show how the lottery winning affect your budget line
b) After winning the lottery you continue to work the same amount of hours every day. What is the income effect of the lottery gain?
c) Now your employer increases your hourly wage. Using the income effect form b., as well as a reasonable substitution effect, explain whether you choose to work more hours per week.
Union B faces a demand curve in which a wage of $6 per hour leads to demand for 30,000 person hours, whereas a wage of $5 per hour leads to demand for 33,000 person hours. Which union faces more elastic demand curve.
Luis wants to have $2,000,000 in net worth when he retires. to achieve this goal, he plans to invest 10,000 each year (starting one year from now) into an account that earns 10% interest compounded annually. The amount of time before Luis can retire ..
If the government decides to spend an extra $5 billion on fighter jets that they would otherwise have spent on road construction, and the MPC = 0.75, what is the effect on AD?
After allowing for sleep and personal care, she has 70 free hours each week and must split these hours between work to earn money.
In the U.S. health expenditures on drugs amount to about 10% of total health expenditures. In Japan, where physicians are legally permitted to sell pharmaceuticals, national expenditures on drugs are almost double the level in the U.S. Discuss how th..
What do you expect to happen to your sales. How would you answer parts a and b if you expected a 5 percent increase in income instead of a decrease.
Defective units that go undetected into final assemblies cost $22 each to replace. An inspection process, which would detect and remove all defectives, can be established to test se units.
q.1. get all of the monthly data for the tsx composite index cansim series v122620.a. present a time series plot of
Suppose we investigate a particular example of a model with no government. Suppose the consumption function is given by C=100+.8Y, whereas investment is given by I=50. What is the equilibrium level of income in this case? What is the level of saving ..
year on television advertising campaigns, promoting their beer brands. Obviously, if one firm is advertising its brands heavily, the others must also advertise to defend their market shares.
Suppose that a country has a fixed exchange rate and unrestricted (financial) capital flows. Which of the following would the country NOT experience?
Show graphically about what happens to utility level and elucidate why the result is plausible.
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