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Assume that an individual has 80 hours per week that can be distributed between two normal products work and leave ( leisure ) . Draw a bid curve for an individual who can earn a maximum of £ 10,000 per week if the individual does not have any leave ( leisure ) and earns zero kronor if the individual has 80 hours off per week. Draw a indifferenskura tangent to the budget line and show how individuals divide their time between work and time off . Suppose now that the salary has increased dramatically, and the individual can earn up to £ 15,000 per week for 80 Timmers work. Analyzing the situation, how the individual will allocate their time. If we now assume that the leave is a luxury for the individual how the individual would divide his time after the salary increase.
In June, Percy buys 8 cookies and 12 crackers. In July, the price of cookies rises and the price of crackers falls. His June and July budget lines cross at the point (10, 10). In July, Percy might choose to buy 12 cookies. If cookies are an inferior ..
Three basic facts about men and women in the labor market are these: 1. As a group, women now get just as much schooling as men do (actually, a little more). 2. Upon graduating from college, women receive salary offers that are the same as men’s offe..
In March 2010, Greece announced that it might have trouble in the future paying off the bonds it had sold to finance its huge government deficits. Use a demand and supply graph for the Greek bond market to illustrate why the interest rate on Greek go..
A couple operate a pet sitting service on the side. They want to add a daily service of a photo placed online for pet owners who are travelling. The required equipment is expected to cost $636 to purchase and $16 per month to operate. Revenues are ex..
Suppose a competitive rm produces spaghetti dinners. The market price of a spaghetti dinner is $20. The cost of making the dinners is given by C (Q ) = 10Q + (Q 2/160). The marginal cost is given by MC = 10 + (Q/80).
Given the costs of production and market-structure characteristics, analyze how the dem functions under (a) perfect completion and (b) imperfect competition. They will each drive a different approach for maximizing profit and allocation of resources.
Linus has a utility function U( x, y,) = x + 3y. Draw an indifference curve passing through the point (x ,y) = (3, 3), then draw an indifference curve connecting ever bundle such that U = 6. What is an equation the describes Linus's budget if px= 1, ..
Line segments will automatically connect the points. Remember to plot from left to right also plot among integers.
a smaller multiplier means that change in government purchases of goods and services, government transfers, or taxes necessary to close an inflationary or recessionary gap is larger. How can you explain this apparent inconsistency.
Assume that b=1/2 and that initially the real interest rate is equal to the marginal product of capital at 3%. As well, assume that v=2 and that the inflation rate last period was 2%. Assume the natural rate of unemployment is 5.5%. How much can we e..
When inflation expectations changed during the 1967-1971 period, this change led to
The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever.
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