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The number of hours in a day can represent a budget constraint,and the two goods in the model can be consumption [through income]and leisure. There are 168 hours in a week. Of these, about 60hours will go to sleeping (more or less). That leaves 108 hours forwhich we have a choice in terms of how we will spend that time.Let's assume that we will spend the 108 hours in either workor leisure, or some kind of combination of the two.
A. What factors would you consider in making the choice of how you will allocate your time between work and leisure?
B. Would these factors change as your earnings increased? As youaged?
Explain how a voluntary exchange results in a win/win situation to both parties.
University of Florida engineering students are planning operating a mobile car clinic in Gainesville, Florida, during their summer break. This is an option to summer employment stacking plastic cups
Elucidate at what price also quantity will marginal revenue be zero. At what price and quantity will marginal revenue be maximized.
If the average person drinks two bottles of water per day or uses 5 gallons per day in getting that amount of water from the tap. what are the present worth values of drinking botled water or tap water per person for 1 year.
Why are these goals in conflict with each other? What is the relevance of the price elasticity of demand in determining which of the goals is likely to be most fully met? Why do you think excise taxes on gasoline, tobacco, and alcohol are common?
Economists are often criticized for making assumptions. Explain why are assumptions necessary? To think about this, you might consider an assumption that is often made,
Use your own employment experiences and be sure to identify the sector in question, how would you relate the hiring practices of that industry or industries to fluctuations in the business cycle?
Essay on Market imperfection associated with negative externalities.
Utilizing an aggregate supply and aggregate demand diagram, show why this self-correcting process involves only temporary periods of inflation or deflation.
Consider demand and supply curves for many markets - the market for mineral resources, the market for wheat, the market for sugar, and market for motor homes.
Most Social Security recipients do not currently pay federal or state income takes on their benefits. Assume the government proposes to tax these profits at same rate as other types of income.
Elucidate what can you infer from this data about labor productivity growth in the US economy during the period.
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