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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.
suppose that the production function for a commodity is given by q 10radiclkwhere q is the quantity of output l is the
Write a white paper, in which you describe how a SWOT analysis can help companies maximize their marketing strategies in a global context. Support your views with appropriate evidence.
Compare your estimated stock prices with actual stock prices as of January 3, 2017. What's your decision if you hold these stocks?
After 2 days, however, the cost of the delay is $100 plus $20 per day (prorated) for each additional day. That is, if the waiting time is 3.5 days, the cost of the delay is $100 + $20(1.5) = $130. Find the expected value of the builder's cost due ..
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Compare the sources of funds for public investment projects with sources available in the private sector. What specific leisure and tourism projects might benefit from the National Lottery funding?
Suppose that a 20 percent increase in the price of normal good Y causes a 10 percent decline in the quantity demanded of normal good X. The coefficient of cross elasticity of demand is:a.negative and therefore these goods are substitutes
Acquisitions and Mergers have catapulted many companies to make enormous profits and dominate specialized niches in the market place. Recently Comcast and Time Warner have proposed a merger. The Federal Government is utilizing Anti-Trust Laws to bloc..
Show that for an inferior good the demand curve for Marshall is steeper than the Hicksian demand and show the effects
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Introduced the idea that the division of labor led to the great prosperity of Britain.
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