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In the static consumption-leisure model, suppose the representative consumer has the following utility function over consumption and leisureu(c; l) = ln c + al (1.1)where c denotes consumption and l leisure. a is a constant that determines how muchutility the individual obtains from a given amount of leisure. Assume that the budget con-straint is c = (1 - t)wn, where w = WP is the real hourly wage rate, and n is the number ofhours the individual works a week.a. Does the utility function display diminishing marginal utility in consumption? Briefly explain.b. Does the utility function display diminishing marginal utility in leisure? Briefly explain.c. Assume (as usual) the representative consumer maximizes utility. Find the consumer's optimal consumption and leisure decision. Plot this representative consumer's labor supply function. Would a decrease in the tax rate t affect the optimal amount of labor supply.
Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys only 10 red apples. In year 2, red apples cost $2, green apple costs $1, and Abby buys only 10 green apples. a. Compute a consumer price index ..
A firm faces the following average revenue (demand) curve P = 120 - 0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits.
How much consumer surplus do consumers receive when Px = $45? c. How much consumer surplus do consumers receive when Px = $30? The demand curve for product X is given by QXd = 360 - 2PX.
Suppose that there are 80 firms in a market, each with the following cost function: C(q) = 100 + 4q^2 A.) Derive the short-run market supply curve. B.) Suppose the market demand is Qd= 1280 - 30P Find the equilibrium market quantity and price.
Just The Fax, Inc. (JTF) has hired you as a consultant to analyze the demand for its line of telecommunications devices in 35 different market areas. The available data set includes observations on the number of thousands of units sold by JTF per ..
At an initial point on the aggregate demand curve, the price level is 100, and real to GDP is $15trillion. After the price level rises to 110, however, there is an upward movement along the aggregate demand curve, and real GDP declines to $14 tril..
Mark McGwire hit 70 home runs while playing for the St. Louis Cardinals. In 1999, McGwire hit 65 home runs. This decrease in marginal(home runs per season) product led to an associated decrease in McGwire's average(home runs per season) product.
What are the highest and lowest payments from the writer that the beekeeper-farmer team will accept for the sixth day Assuming that the farmer can dispose of the $7 from the writer as she wishes, what range of payments will the beekeeper accept
Country A has soil that is suited to corn production and yields 135 bushels per acre. Country B has soil that is not suited for corn and yields only 45 bushels per acre. Country A has soil that is not suited for soybean production and yields 15 bu..
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The following production possibilities schedules describe in their potential output in tons per years. Do not graph or illustrate - only provide numerica..
Suppose 10-year T-bonds have a yield of 5.30% and 10-year corporate bonds yield 6.75%. Also, corporate bonds have a 0.25% liquidity premium versus a zero liquidity premium for T-bonds, and the maturity risk premium on both Treasury and corporate.
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