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Sheryl spends all of her leisure time and all of her money on sailing. She doesn't value leisure time if she can't sail, and she can only sail if she has leisure time. Sailboat rentals cost $10 per hour, and Sheryl earns W per hour. She has to decide how to allocate 15 hours per day between work and leisure. How many hours will she work if she earns $20 per hour? Find a formula for her labor supply curve. Is it upward or downward sloping? Why?
The demand curve for product x is given by Qx^d=460-4Px a.)Find the inverse demand curve. b.)How much consumer surplus do consumers receive when Px=$35 c.)How much consumer surplus do consumers receive when Px=$25
Plot the corresponding supply curve on the same graph using the following MC / supply function Q = -7909.89 + 79.1P with the same prices.
What interest rate would be needed on pound securities, such as government bonds, for you to be willing to buy those securities with your dollars today and then sell them in a year in exchange for dollars?
Suppose the simplified consolidated balance sheet shown below is for the entire commercial banking system. All figures are in billions. The reserve ratio is 25 percent. A. What amount of excess reserves does the commercial banking system have.
In a perfectly competitive market suppose that a competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Assume that the market price of the product is $9.
How has this event affected the prosperity of the firm and the owners of the factors of production employed by the firm? Explain.
How are the multinomial logic and the ordered probit different? Why are the logit or probit not appropriate models in this circumstance
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
What explanations have been offered in the press? How accurate are they?
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
After several months of price hikes, the price of butter reached the price observed before demand decreased. A blogger suggested that the rising price of butter was evidence of a conspiracy on the part of butter producers.
Comparing their combined output with the output when the MC of each firm is $6, explain why the totals differ.
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