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Question: Matt works an 8 hour shift in a factory. His utility function is U(S, M) = S ^.2 M^8 (S to the .2 power and M to the .8 power) , where S is his hours in the day spent shirking and M is his daily income. For every hour of work, Matt is able to produce 2 units of output every hour he puts in effort (ie. does not shirk). Suppose Matt is offered a piece rate contract, where he earns $10 per unit of output he produces each day.
Draw a graph showing Matt's budget set and write out the equation for his budget line.
Calculate Matt's optimal time spent shirking, time spent working, and income under the piece rate contract described in part a. Suppose that Matt is offered a choice between the piece rate contract and a fixed hourly wage of $10. Assume there is no worker monitoring in place. Which will he choose? Use a calculation to show which choice he prefers.
Devise a hypothetical business situation in which buying a lookback call option on a commodity may be a sound strategy for you. How about a down-and-out call option?
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What will happen to the amount
It may be reasonable to believe that human-level machine intelligence has a fairy sizeable chance of being developed by mid-century, and that is has a non-trivial chance of
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Why might the problem of rapid urbanization be a more significant population policy issue than curtailing population growth rates over the next two decades for most developi
Discuss any shifts that have taken place in the supply or demand curves. Make certain that movements along a curve are not confused with shifts in the curves themselves.
Discuss and explain one factor of how government involvement in marketplace can impact or not impact the economy. Give a real life example of this factor at work.
Bulls Eye department store specializes in the sales of discounted clothing, shoes, household items, etc. similar to the offerings at a regular Walmart or Target. Bulls Eye is
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