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Shelly's preferences for consumption and leisure can be expressed as U(C, L) = (C - 200) × (L - 80 ). This utility function implies that Shelly's marginal utility of leisure is C - 200 and her marginal utility of consumption is L - 80. There are 168 hours in the week available to split between work and leisure. Shelly earns $5 per hour after taxes. She also receives $320 worth of welfare benefits each week regardless of how much she works.(a) Graph Shelly's budget(b) What is Shelly's marginal rate of substitution when L = 100 and she is on her budget line?(c) What is Shelly's reservation wage?(d) Find Shelly's optimal amount of consumption and leisure.
Suppose you have been employed as an economic analyst, your job is to use the Regression Model to estimate potential sales of your employer's product.
An analysis of stock market manufactures the following data about the returns of two stocks.
What is CEO Toback's most pressing concern and how could he go about addressing this concern?2. Do you agree or disagree with the assessment of the concern and the plan to address this concern? Why or why not?
Compared to last year, more television sets are being bought while the selling price has fallen. This could have caused by:
What is the probability that Z is smaller than 1.02? b.) What is the probability that Z is greater than 0.65? c.) What is the probability that Z is between -2 and -0.5? d.) What is the probability that the interval [Z-1, Z+1] contains the value 0?
Matt Christpher is a 25 year old mechanical engineering and his salary next year will be $60,000.Matt expects that his salary will increase at a steady rate of 5%per year until his retirement at age 65.
The coefficient of determination for a regression relationship defined through Y = a + bX is 81 percent.
Calculate the BIC with the command estat ic and what is the difference between the predicted values and actual for the AR(1), AR(2) and AR(3) models.
Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is lecied on the buyers of a good, then after the tax buyers will pay how much for each unit of the good.
The joint probability distribution on the returns of two securities X and Y is demonstrate in the table below.
There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry
Rewrite the model to show that this is in fact a two-variable model rather than a three-variable model. Define the parameters
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