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1. Illustrate the full income budget constraint on an individual who has T0 units of discretionary time, Y0 units of unearned income and a wage rate of W0.
2. In the same diagram, illustrate the utility maximizing choice of leisure and goods/income. Indicate the number of hours that this individual works.
3. Now suppose that some kind of time-saving device (such as improved transit or the introduction of microwave ovens) increases the amount of discretionary time to T1>T0. Illustrate the new budget constraint in your diagram.
4. How does this increase in discretionary time affect the quantity of labour supplied to the market? Explain and illustrate in your diagram.
How is the effectiveness of team selling demonstrated by the Reynolds team, and what are some of the vantages to this method in this particular case?
On March 31, 2008, Hawaii lost 15 percent of its air service as aloha airlines and the cheap-flight airline ATA suddenly shut down. Stranded travellers were offered flights to west coast cities $1000 one way. Under what conditions the $1000 fare woul..
Given the importance of the M-Pesa to the rising economic growth of the Kenyan economy, why would Kenyan government take 10% tax off the employees pay check?
American rice producers have extremely high production costs, due to some structural problems. Therefore, if not supported by the government, they will not be able to compete with foreign producers. Analyze two supportive policies intended to maintai..
A firm has enough retained earnings to finance an investment project. For this firm, the market interest rate:
The total payment of resource income in the economy is equal to the total value of the output. In the simple circular flow model, if planned I exceeds planned S, then. The level of total output and the price level can be affected by changes in consum..
For this problem, you will sketch the graph of the firm’s isoquant for Q = 10 units of output, and on the same graph sketch the firm’s isocost line associated with the total cost of producing Q = 10 units of output. To get this total cost, you must u..
Why do you suppose that employment growth is about 20 percent greater in unlicensed occupations than in licensed occupations? What do you suppose a typical state government does with the millions of dollars of occupational license fees it receives ea..
Based on the collected data analyze the current macroeconomic situation and its impact on walmart and starbucks. Explore in particular illustrate how the two companies' respond to the macroeconomic conditions in terms of their:
The financial department of Delphi Consolidated Industries (DCI) is just starting a two-week retreat in the Canadian wilderness. The president of DCI has been approached by an investment banker who has acquired $1,000,000 in DCI bonds in one of his d..
A firm has a production function represented by: q=L^(.75)K^(.25). Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r.
Explain the connection between the vertical long-run aggregate supply curve and the vertical long-run Phillips curve.
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