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Consider an economy where, consumer's utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p) (a) What happens to t as real wage increases? Give a clear intuition (b) What happens to t as labor increases? Give a clear intuition (c) Write down the firm's maximization problem and solve it. Find real wage, labor. (d) Write down consumer maximization problem and solve it. Derive labor supply curve (e) Find real wage, employment, output and unemployment in this economy. (f) Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams
Comparative statics examine in economics is best illustrated as comparison of equilibrium points before and after changes in market have occurred.
What is cost of AFC per paper, what is MC per paper and what is minimum amount must charge to break even on costs?
the depreciation schedule for a machine has been arrived at by several methods. the estimated salvage value of the
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suppose the hotel in the lecture example raised its price from 30 to 30.50. with the new price the hotel expects 96
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