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Consider the optimal choice problem of labor and recreation. Suppose a consumer works the first 8 hours of the day at a wage of $10, but received an overtime wage of $20 for additional time worked. Assume there is zero non-labor income, the price of the consumption good is 1. Since we are looking at how many hours this worker works in one day, it is safe to assume that T=24.
(a) Draw the budget constraint on an optimal choice diagram
(b) Draw the set of indifference curves that would make it optimal for this individual to work 4 house of overtime each day.
What is the value of a 10 percent annual coupon, $1,000 par value bond with 20 years to maturity if the required rate of return on the bond is 12 percent?
From the e-Activity, determine key reasons why a multinational corporation might decide to borrow in a country such as Brazil, where interest rates are high, rather than in a country like Switzerland, where interest rates are low. Provide support for..
Suppose that Florida adopts a new state policy in which the government compensates orange farmers for all fixed costs, but the policy does not affect their variable costs of producing oranges. The graphs below show the costs faced by individual orang..
"After a spike last week as Hurricane Irene threatened East Coast oil refineries, Atlanta gas prices have started falling, according to a website that tracks how much we pay to fill up our tanks. Metro Atlanta's average price early Monday of $3.65 fo..
Explain the various levels of economic integration. What level of integration has the European Union achieved? How will plans to create fiscal union change the relationship between member countries?
Participate in a discussion with your classmates regarding the expenditure multiplier effect within your local community, state, or region which magnifies or multiplies expenditures that increase the real GD. Discuss an event in your home city or sta..
On April 1, 2015, a company loans one of its suppliers $53,000 and accepts a 30-month, 12% note receivable. Calculate the amount of interest revenue the company will recognize in 2015, 2016, and 2017. (Do not round intermediate calculations. Round yo..
The notion of sustainability is not the same in the natural sciences as in economics. In the natural sciences, sustainability frequently means maintaining a constant physical flow of each and every resource (e.g., fish from the sea or wood from the f..
Write an algorithm that adds up a sequence of twenty numbers and outputs the sum of the numbers as well as the average of the numbers.
Many television shows, movies, and songs can be downloaded for free on the Internet. Much of this material is copyrighted and was expensive to produce. Much of it is available for a fee through a legitimate site. Should you pay to download an episode..
Why do you think that approximately one-sixth of the world's population has not experienced much substantive economic growth over the past 30 years?
Jane lives in a dormitory that offers soft drinks and chips for sale in vending machines. Her marginal utility for soft drinks (Good X) is equal to 3Yand her marginal utility of chips (Good Y) is equal to 3X. MUx = 3Y MUY = 3X Soft drinks are priced ..
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