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Question: The utility function of a worker is represented by U(C, L) = C X L. The marginal utility of leisure is then given by MUL = C and the marginal utility of consumption is given by MUc = L. Suppose that this person currently has a weekly income of $600 and enjoys 70 hours of leisure per week. How many additional dollars of income would it take to make a nonworker give up 10 hours of leisure time?
What are the total cost and average total cost of producing the 7,750 units of output Tc=$ ATC=$ If units of output can always be sold for a 1$ each
Go to http://www.starbucks.com and list at least two ways Starbucks is trying to increase brand loyalty for its product. Explain how these activities help Starbucks maintain its market share.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Suppose that the government sets a price floor for milk that is above the competitive equilibrium price. a) draw a graph showing this situation. Be sure your graph shows the competitive equilibrium price, the price floor, the quantity that would be s..
Social Security benefits are increased each year in proportion to the increase in CPI, even though most economists believe that the CPI overstates actual inflation. If the elderly consume the same market basket as other people.
The market for qbits is initially competitive and the market demand is: P = 400 - 0.4Qd. The combined marginal costs of the firms in the qbit industry are: MC = 50 + 0.6Q. Draw the demand and marginal cost curves. Compute and show how much these firm..
One of your classmates, Sally, is a hardworking student, serious about her classes, and conscientious about her grades. Sally is also involved, however, in volunteer activities and an extracurricular sport. Is Sally displaying rational behavior? B..
according to exhibitor relations co. in 2006 average movie ticket prices were 6.55 and attendance was 1.4 billion in
In the reaction N2(g) + 3H2(g) ® 2NH3(g), how many moles of ammonia would be produced from 1.0 mol of hydrogen and excess nitrogen?
what events toward the end of the 19th century enabled general interest magazines to become mass circulation magazines?
Jobs are the key to economic progress. Unless we create more jobs, our standard of living will fall
The so-called too-big-to-fail policy has two conflicting sides: on one hand there's the moral hazard problem that it creates, but in the other hand the Fed must:
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