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Question: 1) An individual utility function is given by U(c,h) = c·h, where c represents consumption during a typical day and h hours of leisure enjoyed during that day. Let l be the hours of work during a day, then l + h = 24. The real hourly market wage rate the individual can earn is w = $20. This individual receives daily government transfer benefits equal to n = $100. For the graphical analysis of this individual's utility maximization problem, consumption c is plotted on the vertical axis and hours of leisure h is plotted on the horizontal axis. The y-intercept for this individual's full income constraint is [y]
2) Assume labor market demand is given by: lD = 10 - w and labor market supply by: lS = w - 2. Suppose that a union has a monopoly in the supply of labor. Suppose also that the goal it has decided to pursue is to maximize employment of its members. In this case, the quantity of labor it will offer is [l].
Who gains and who loses from instituting the pollution tax?
Use the inverse matrix method to solve for equilibrium level of national income and the equlibrium rate of interest in this economy.
Why are these firms not perfectly competitive? Name or describe an example of a perfectly competitive product, firm, or market.
What role do proper rights play in creating common property resources Why are common property resources subject to market failure due to non excludability a. What two properties characterize public goods
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Your answer to (a) tells you how the future increase in the money supply affects the current expectation of the future exchange rate (the "expected future exchange rate," Ee). Use another set of foreign-exchange-market and money-market diagrams to..
What is the probability of getting the sample proportion that she obtained (or one that is lower) if the true population proportion is .60?
Using the aggre- gate demand-aggregate supply model, illustrate an econ- omy with an expansionary gap. If the government is to close the gap by changing government purchases, should it increase or decrease those purchases? In the long run, what ha..
In the context of renting an apartment (Exercise), some of the objectives may have natural attribute scales. Examples are minimizing rent ($).
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Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
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