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A person chooses between leisure and consumption. The utility derived from any combination of leisure and consumption is given by the formula: u = LC - 88C where u is utility, L is the number of leisure hours per week, and C is the number of dollars spent on consumption per week. This person can work as many hours as desired each week, at a wage of $4 per hour. There is no other source of income. a. Suppose the wage increases to $8 per hour. Would this person choose to supply more labor at $8 than at $4? What happened to its utility function? b. Now, instead of an increase in the straight-time wage, suppose overtime is offered at $8 per hour after working 40 hours at $4 per hour. Will this person accept the overtime, and, if so, for how many hours?
Explain what is meant by diminishing returns. From these costs curves explain when diminishing return sets in? Why and explain the relationship between ATC, AVC and AFC.
Which of the following increases the political power of special interest groups and makes counterproductive government action more likelyA car sells at different prices at different dealerships in a local market. If a consumer has imperfect informa..
What impact does the privatization of prisons have on providing rehabilitative services that would help prisoners rejoin society productively and curb recidivism? Explain.
Economic costs and benefits for project
A firm has two prodcuts and two customers. Customer 1 is willing to pay $9 for Product A and $4 for PRoduct B. Customer 2 is willing to pay $7 for Product A and $5 for Product B.
how demand and supply determines prices in "contemporary art market" and the effects on speculation
The highest quantity of lobsters demanded and what is the marginal net utility (consumer surplus) when the market price is $ 4.00 per lbs. why?
Becky really likes Macaroni Grill but can only afford to eat out 4 times a year.So calculate for restaurants the income elasticity of demand?
Within your supplemental readings for this semester, there are several discussions of the Keynesian multiplier. In the minds of the critics that you read, which is not a deficiency of the multiplier concept
A growing number of businesses-including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains-are feeling the heat from government, the press, and society at large for encouraging harmful consumer..
Based on Problem 1, assume that G=0 in all periods but in period 1, taxes decline by 15. What happens to output/income(Y)
The Wall Street Journal once reported on dating services, noting that the fees were $300 for men and $250 for women. The owner of the service said the difference in fees was to compensate for inequalities in pay scales for men and women
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