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1) 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.
A certain waste water treatment unit process costs $50000 to purchase and install and will cost $500 per year to operate. Given an interest rate of 4.00 percent, what is the net present value of this scenario? Assume a 10 year design life. Limit answ..
Juno Manf. Company has decided to build an expansion of its manufacturing facility that will cost $63,022. It has arranged thru the small business association to borrow $36,281 from Allied Bank at an annual interest rate of 6.27%/yr. It will use mone..
Explain the role that money plays under the Classical Macroeconomic Model. As a part of your discussion, include the impact the Quantity Theory of Money and Say’s Law have on this model and state in algebraic terms how the money supply relates to pri..
Elucidate its advantages and disadvantages and suggest appropriate policy prescriptions to deal with the potential shortcomings.
Why the focus in interest rates and unemployment and why can they keep the interest rates low? How do bond purchases tie in with the interest rates?
Illustrate what policies do governments adopt to redistribute income and how do those policies help the country's economic growth.
q.global studios are thinking of producing a mega film aqua world which could be a mega hit or a mega flop. profit is
This will mean replacing one of the weekly passenger flights with a freight flight
Draw the game tree associated with this situation. Using the backward induction method discussed in the online class notes, what will be the outcome of the game?
Explain and graphically illustrate the effects of the tax cut on aggregate output, consumption, employment and the real wage.
What is the equal-payment series for 10 years that is equivalent to a payment series starting with $15,000 at the end of the first year and decreasing by $3,000 each year over 10 years? Interest is 9% compounded annually.
How has the tightening of consumer credited effected individual spending and in turn the U.S. economy? Has this strategy by the financial institutions helped our economic recovery?
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