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consider the maximization problem u(c,l) subject to pc + wl = wT + Y, where c is consumption, l is leisure time, T is total time endowment, and Y is non-wage income. prove that if leisure is an inferior good then the labor supply function is upward-slopping.
Calculate the slope of the AE curve and the size of the multiplier if MPS = 0.20. Then, calculate the revised slope of the AE curve and the multiplier when you know that the imports and the marginal tax rate will reduce the slope of the AE curve b..
Which point flat of the curve medicine is experienced in the following example (imagine that antibiotics have been prescribed for a given population of 1000 elderly persons. Number of prescriptions 0,100,200,300,400,500.
the formula for AFC, AVC, ATC, MC, TR, MR The market price faced by this firm is $6.00 per widget. a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR,
In a given day, once you subtract 8 hours for sleep, you effectively have 16 hours from which you can choose to work or enjoy leisure (that is to say, sleep doesn't count as leisure). You have a job that pays $20/hour and that is your only source ..
The monthly wage rate is $3,000 per worker and the monthly rental rate for a machine is $6,000. Currently PowerGuns Co. employs 25 workers and 40 machines. Assume perfect divisibility of labor and machines. A. What is the current average product o..
Suppose that when the price of beef is $10/kg, the daily quanity of beef sold in Tesco, a British Grocery store, is 10,000 kg. Suppose further that if the price of beef rises to $12/ kg, the amount of beef falls to 8000 kg.
The energy Department estimates that domestic demand for natural gas will grow by more than 40 percent between now and 2025. Distinguish between a demand function and a demand curve.
b) What will be the firm's profit with perfect price discrimination c) To implement perfect price discrimination you will have to use salespersons. What is the maximum amount total you will spend on salespersons
Assume that the long-run aggregate supply curve is vertical at Y = 5,000 while the short-run aggregate supply curve is horizontal at P = $1. The aggregate demand curve is Y = 2(M/P) and M = $7,500. a) Find the current short-run equilibrium values o..
The deadweight loss of a tax is the area of the triangle between the supply and demand curves. Solve for the deadweight loss as a function of T. Graph this relationship for T between 0 and 300. (Hint: Looking sideways, the base of the deadweight l..
A group of enterprising engineering students has developed a process for extracting combustible methane gas from cow manure (don't worry the exhaust is odorless). With a specially adapted internal combustion engine, the students claim that an auto..
One aspect of obtaining a college education is the prospect of improved future earnings in comparison to non-college graduates. Sharon Shay estimates that a college education has a $28,000 equivalent cost at graduation.
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