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In the consumption/leisure model, let the consumer's utility function be u(L,c)=Lc . Assume that no unearned income is received. Can you show that the daily labour supply curve is L*(w)=12 hours ? [That is, this consumer's preferences are such that, regardless of the wage rate, he wants to work exactly half his day.]
It is not a maths exam, so equations alone are not enough, you need to provide a few sentences to explain the steps taken to find the solution.
Illustrate what is the value of gross private domestic investment. Illustrate what is the value of net investment.
Supposed you own a barbershop/saloon. You are considering lowering the price of either haircuts or alcoholic drinks. The actual elasticity of demand for haircuts o 1.36 and for alcoholic drinks is 0.62. which price should you lowers? Explain
When the Macintosh computer was introduced in 1982, Apply made it difficult for third party software developers to develop software for the platform. In contrast, Apple made it relatively easy for third party developers to make applications that ran ..
If automatic stabilizers change the federal budget balance by 70 billion for every one percent change in Real GDP growth what will happen to the federal budget balance at the economy falls into recession of -3 % from a growth path of + 2%
Suppose Australia is a capital (K)-abundant country, and Sri-Lanka is a labor (L)-abundant country. Both produce labor and capital intensive goods with the same technology. Which of the two countries has a higher relative wage, w/r, before trade? Wou..
Suppose that in addition to repairing your car, you can also spend money advertising. If you repair your car for Hours and spend A dollars advertising, your benefit (the amount you receive when you sell your car) is B(H,A)=220H-H^2+2A. What is your b..
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
what might prompt the government to establish this price ceiling? next suppose that the government establishes a price floor of $4.60 for wheat. what will be the main effects of this price floor?
Suppose that in 1960 Joe’s grandfather had a starting salary of $20,000 per year. In 2013 Joe graduated from college, got a job, and had a starting salary of $40,000. You need to know the inflation rate in each of the two years to figure out who is b..
Using the supply and demand analysis of the market for reserves, indicate what happen to the federal funds rate under the following situations: The Treasury has just paid a large bill to defense contractors and as a result its deposits with the Fed f..
A woman complained to "Dear Abby" that a laundry charged $1.25 each to launder and press her husband's shirts, but for her shirts - the same description, only smaller - the laundry charged $3.50. When asked why, the owner said, "Women's blouses cost ..
Notice on the spreadsheet, the amount of capital in the spreadsheet stays constant at 4 while the amount of labor varies from 0 to 30. Choose all that are correct. The constant amount of capital denotes that the spreadsheet represents short term prod..
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