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1. Consider an individual facing a wage rate w. There's a total of 100 hours available for work or leisure in a week.
(a) Represent his budget constraint graphically(b) Represent the effect of an decrease in the wage rate(c) Represent the effect of an proportional tax on labor income(d) Suppose that the individual must pay a 100 per week in taxes, regardless of how much he works. How does this affect his budget constraint?
2. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current situation or working one more hour in exchange for two addi¬tional units of consumption. Is this agent maximizing is utility? Why? Should he be working more hours? or fewer?
3. Drowns indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
Effects on the exchange rate among the British pound and the Japanese yen.
Identify and discuss two aspects of firms' credit policy. Identify one difference in the credit policies of different company and describe why this difference may be important to consumers.
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
Can you select one positive and one negative example of events in your area, state, country or the world that might impact our life, careers or professions.
Illustrate what does the law of increasing opportunity price say and what is its implications regarding steel and textile manufacturing.
Social Dynamo Corporation earned profits last year of $49 million on sales of $500 million. During the same period, its major competitor - EIO Corp.- enjoyed sales of $490 million and earned profits of $52 million.
Determine, how the following will affect the slope of the output demand curve, and explain your results:
Explain why does the minimum salary seem to have the greatest impact on teenagers.
Explain demand for cassette players is price elastic also they are cyclical normal goods.
The industry financial performance had not be ideal last year and Jackson feared that taking this action would cause the financial statements to be even worse.
Suppose if 100$ million in excess reserves are made available to banking system, by how much can the banking system increase the money supply?
Illustrate a range of factors which might determine whether an internal or external strategy is pursue such a growth strategy.
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