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Patrick chooses to use his time ‘free-time’: (a) working out or (b) reading. Patrick currently has 20 hours a week to allocate to these two activities. It takes Patrick 1.5 hour to work out and .5 hours to read. Patrick enjoys both activities, but he has recently focused more on improving his thought processes; therefore, he spends more time ‘reading’. Patrick feels that the optimal allocation of his time, based upon his budget constraints, is to allocate 12.5 hours to reading and 7.5 hours to working out. (a) Draw Patrick's budget constraint and optimal consumption bundle such that the number of hours that he spends working out is on the x-axis and the number of hours that he spends on reading is on the y-axis. (b) Patrick spends more time working out and reading and he becomes more efficient at completing both of these tasks. He can now complete a work out in an hour and he can read the same amount that he previously read in half the time. If the ratio between choosing to read or work out has not changed, please graph his budget constraint and indicate where his knew budget constraint is based upon this new information. (b) Patrick spends more time working out and reading and he becomes more efficient at completing both of these tasks. He can now complete a work out in an hour and he can read the same amount that he previously read in half the time. If the ratio between choosing to read or work out has not changed, please graph his budget constraint and indicate where his knew budget constraint is based upon this new information.
Market research has revealed the following information about the market for chocolate bars: The demand schedule can be represented by the equation Qd = 1.600 - 300P. where Qd is the quantity demanded and P is the price. Calculate the equilibrium pric..
Utility is a satisfaction that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of satisfaction or pleasure an individual derives from consuming some specific quantity of a good or ser..
Explain in words why rising prices decrease the multiplier effect of a shift in the aggregate demand curve. Think about the impact of an upward sloping aggregate supply curve and assume that imports remain constant relative to the aggregate demand sh..
what will happen to the price level and output? Using the AS/AD model, demonstrate your predictions graphically. what policy might you suggest to the government?
Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP usually assume constant prices even though there is no clear reference to prices in the definition. That is why economists usually like to differentiate betwe..
What percentage of this loss will the insurance company pay? How much of the loss will George and Nancy have to absorb?
Consider Bertrand competition but with differentiated products. The products are Mishka’s coffee and Temple coffee. The demand for Mishka’s coffee is given by qM =12 − 2pM + pT where pM is the own price of coffee and pT is Temple’s price of coffee. F..
Construct a new vision statement for Target Inc Provide sufficient analysis and description as to why this new vision will be more useful. Create a new mission for the organization.
Most firms use graphs to present profit and loss information to key stakeholders. What are the limitations of these graphical representations? What ethical concerns must be considered in the preparation and presentation of financial graphs? What shou..
Banks in New Transylvania have a desired reserve ratio of 10 percent of deposits and no excess reserves. Households want to keep 25% of their money as currency. Now suppose that the Central Bank increases the monetary base by $1,000 billion. How much..
Demand curve is P=41-Q/100 cost of labor is L= 10. The profit in function is Q=10L. What is the marginal revenue product?
Every economy, as well as the medical care sector, must decide the following: what should be produced, how it should be produced, how it should be distributed, and how to allow growth and innovation. With respect to the medical care sector, how are t..
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