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Shellys preferences for consumption and leisure can be expressed as U(C, L) = (C − 200)(L − 80) (1) This utility function implies that Shellys 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. 5.1 Graph Shellys budget line. 5.2 Write down the budget equation. 5.3 Find Shellys optimal amount of consumption and leisure. 5.4 What is Shellys marginal rate of substitution? 5.5 What is Shellys reservation wage?
Compute the changes in consumer surplus, producer surplus, government revenue and third party surplus. Also, show these changes on a graph.
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
How a tariff imposed by a small country on its imported good causes a loss of real income, in the sense of lower utility, or "well -being" on the part of consumers?
Illustrate what is the elasticity of demand if you raise the price of your airline's tickets by 6% also the number of tickets sold decreases.
q1. which of the following is not a possible explanation as to why wage inequality increased markedly over the last 40
Compute the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
Suppose the consumption behavior in problem 1 changes so that C=100+0.9Y, while I remains at 50. Is the equilibrium level of income higher or lower than it was in problem 1(a)? Calculate the new equilibrium level, Y’, to verify this. Now suppose Inve..
How to use solow growth model to explain the long run effect of raising the saving rate on capital per worker ad output per worker. Start with an initial steady state and show the new steady state on the graph. Label the graph properly.
q.1. what factors are important in determining the length of the imitation lag and the length of the demand lag?
Describe the Discretionary and Non-discretionary Fiscal Policy you would advise
How are the forecasts likely to be inaccurate? What do you think is driving inaccuracy? How might this problem be solved?
Explain how industrial regulation affects the market and the entities affected by industrial regulation in terms of market structure.
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