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Izaak likes to eat pizza and to fish. The more fishing he does the happier he is, up to 8 hours a day. If he fishes longer than 8 hours he gets a sore back and is less happy than if he hadn’t fished at all. For y less than or equal to 8, his utility function is U(x, y) = x + 3y, where x is money spent on pizza and y is hours per day spent fishing. His income is $40 a day and he has no expenses other than pizza. The Bureau of Fisheries has just decided to allow people without fishing licenses to fish only 3 hours a day. But if you buy a fishing license, you can fish as many hours as you wish. How much is Izaak willing pay for a license?
Should the firm increase capital and decrease labor or the other way around? When should the firm stop replacing one input for the other? Explain.
A labor economist wants to know the relationship between education (measured by years of schooling) and annual earnings (measured in $1000). A random sample of 222 workers revealed a correction coefficient of 0.88. Based on the coefficient, Among the..
q.jennas boss has decided to pay her a one-time bonus of 5000. she decides to save the money until she retires 4 years
It is priced at only $400. Assuming your opportunity cost of funds is 5 percent, which refrigerator should you purchase.
Other things the same, if technology increases, then in the long run
We often speak of how price ration goods. What are other rationing measures in clinics in which free care is provided?
Which of the following DOES NOT correctly describe how the various theories of the term structure of interest rates explain a "flat" yield curve?
Conclude which economic indicators the Federal Reserve should examine so it can better stabilize this particular economy.
q.suppose a computer virus disables the nations automatic teller machines atm manufacture departure s from bank
Elucidate how much does the gardener receive. How much does the customer pay. How much does the government receive as tax revenue.
Suppose that the demand for healthcare services is perfectly inelastic while the supply curve is upward sloping. Analyze the impact.
Jack wishes to become a millionaire by the time when he is 60 years old. He believes that by careful investment he can obtain 15% rate of return. He plans to add a uniform sum of money to his investment each program each year, beginning on his 20th b..
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