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Q. Representative consumers have the utility function U(C,Ls) = ln(C) + ln(1- Ls)Representative consumers have labor endowment of 1. So Ls must be less than 1Representative firm's production function is Y(Ld )=4 LdThere is perfect competition in the markets (so price and wages are taken as given byfirms and consumers)a) Write down profit function of the firmb) Solve for the firms maximization problem and find the labor demandc) Write down the budget constraint of the representative consumerd) Write down the maximization problem of the representative consumer and findlabor supplye) Write down the market clearing conditionsf) Solve for equilibrium labor supply and labor demandg) Solve for equilibrium goods demanded and goods suppliedh) Solve for equilibrium price and wage
Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market?
Disposable personal income equals personal income and two factors are the keys to determining labour productivity
One day you realize you're tired of smelling like refried beans all the time and begin thinking about starting your own business. After doing some investigation you decide to spend 15 hours per week running a photocopy service in your dorm.
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Numerous times in the lectures labelling the vertical axis as euro per $ and the initial supply and demand curves labelled with 12/07, Label this initial point as point A.
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Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
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To one side maximizing profits evaluate the factors which managers must consider when making judgment to outsource or integrate forwards/backwards considering which factor would be mainly significant for decision-making.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
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