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Adam Sandler has a utility function U(C,L)=C^1/2L^1/2. The wages now available to him are $9/hour and non wage incomes in royalties are $6/day. Find the MUL and the MUC. Find the MRS for leisure to consumption to find the optimal ratio of leisure to consumption. Write out and draw the Budget Constraint for Adam Sandler, assuming he has 24 in which he can work.
Estimate aggregate consumer and producer surplus before quota. Estimate new consumer and producer surplus after quota.
If this were he case would there be any automatic stabilizers in the government economy. Elucidate what would there be any distinction between the full-employment deficit and actual budget deficit.
Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1(q) = 10 and MC2(q) = 20. Find the prices that form equilibrium (for simplicity and reality, assume that prices are quoted in units no small..
A firm has the production function x = f (L) , where x is output and L is labor input. The firm buys the input in a competitive market. What restriction do we have to impose on the production function to ensure the second-order conditions in problems..
Inflation during the 1970s was much higher than most people had expected when the decade began. How did this affect home-owners who obtained fixed-rate mortgages during the 1960's? How did it affect the banks that lent the money?
A firm has a short run cost function of c=y^3-10y^2+35y. What is the minimum price at which the firm will supply output?
MMM expects to generate $60,000 in earnings that will be retained for reinvestment in the firm this year.
What is the point forecast of sales in the next time period? What is the 95% forecast interval for the next period’s sales figure? (use z = 1.96)
Define the differences and/or similarities between the latent theory and the trajectory theory. Which one do you feel better defines why individuals commit crimes?
Illustrate what is standard inconsistent cost. Illustrate what is the marginal cost.
Which of the following statements is typical of predisaster conditions among many tribal governments?
analyze the graphs and briefly describe the similarities and differences between the short and long run operation of each business
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