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An individual derives utility from consumption goods, X, and leisure time, N, to maximize the daily utility level, u = XN. Outside income per day is $m and the price of consumption goods is $p. The individual can earn money each day by working at a wage rate of $w per hour, but working of course takes away from leisure time (which implies it causes disutility). The individual’s utility maximization problem is constrained by two things: (i) the budget constraint, pX = m + wL, and (ii) the “time constraint”, L + N = 24 . the production function produces consumption goods with labor (L) according to f(L)=100* square root L. How much time will they spend on leisure? How many units of consumption goods will be produced?
If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output?
Suppose that a store will sell 2000 boxes of bananas a week at a price of $12 per box. If the store raises its prices to $15 per box, it will sell 1500 boxes. What is the elasticity using the original formula? What is the elasticity using the midpoin..
Suppose you have three indivisible assets, A, B and C with internal rates of return 2%, 5% and 10% respectively and initial costs of $1, $4, $5. Suppose you have $8.0 at 1% and can borrow at 8%. What is the incremental cost of funds on asset B?
q.the long-run average cost curve for a firm in an industry isatc 10q2 - 50q 100 as well as its marginal cost ismc
If factor-intensity reversals were indeed prevalent in the real world, how might this fact be used to explain the Leontief paradox? If this explained the paradox, would it suggest that any given U.S. trading partner stood a better chance of conformin..
In a certain kingdom, the demand function for rye bread was q = 381 − 3p and the supply function was q = 5 + 7p, where p is the price in zlotys and q is loaves of bread. The king made it illegal to sell rye bread for a price above 32 zlotys per loaf...
If you are near graduation and plan to start your new job in 3 weeks, how does the Bureau of labor statistics classify you? Unemployed, employed or notin labor force.
How do externalities affect markets? Suppose a common resource –wood in a public forest- is being overused because residents consider the benefit of gaining firewood or wood for building but do not account for the cost of deforestation when chopping ..
Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs. Assuming that prices are s..
As per to Global Insight, a Massachusetts economics consultancy, elucidate what will happen if oil prices remain in the range of $65 to $70 per barrel for a couple of more months.
Elucidate why are shortages or surpluses more likely with preset costs, such as those on tickets, than flexible costs
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