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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 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. 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?
In the original formulation, which constraints were binding? use SolverTable to discuss the effects of extending labor on the Objective function. Include a well-formatted table as Exhibit B. What would be your recommendation to Imelda?
Explain why Chrysler's decision might have been prompted by movements in its wage costs or capital cost, or both.
Problem: Consider a monopolist who has a constant marginal cost of MC = 20. Find the profit-maximizing quantity and price if the inverse demand curve is P = 620 - 25Q.
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8,760 hours per year. The motor’s efficiency is 92%. what is the present worth..
q. now that you have learned some of the basic principles of organization pause and think of where you have already
q.illustrate the effect on the marketplace for a hr. of babysitting services 30 yrs into the future when children born
Cerulean Corporation has two equal shareholders, Eloise and Olivia. Eloise acquired her Cerulean stock three years ago by transferring property worth $ 700,000, basis of $ 300,000, for 70 shares of the stock. Olivia acquired 70 shares in Cerulean Cor..
The securitization process reduces the total amount of credit risk embedded in the underlying mortgages, attract investors with different risk appetites, and give home buyers easier access to credit. Each time a new security is created during the sec..
For promotion to lieutenant, police officers in a city police department first have to pass a written aptitude test. This requirement was challenged in court by several black officers on the grounds that the test unfairly discriminated against blacks..
How does this policy affect the total quantity of investment? The quantity of business investment? The quantity of residential investment?
Suppose the one-year interest rate on Swiss France is 10% and the US Dollar interest rate is 12% and the current $/SF spot rate is 0.8. What do you expect the 12-month forward rate by using the interest rate parity? Suppose the actual 12-month forwar..
Suppose the marginal cost of solving the global warming problem and the marginal benefit of doing so are listed below. How many degrees of temperature to be reduced are best for society to implement? Explain why?
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