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Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following:
a. Show how Joe’s lottery winnings affect the position of his budget line.
b. Joe’s utility function for goods per pay (Y) and hours of leisure per day (N) is U=Y+240N^0.5. After winning the lottery, does Joe continue to work the same number of hours each day? What is the income effect of Joe’s lottery gains on the amount of goods he buys per day?
A large and fast growing suburb of Rochester is considering expanding the size of its community park system by purchasing over 500 acres of undeveloped land located near a current park site. Describe four different approaches to natural resource valu..
What happens to the profits of boat makers in the short run. What happens to the number of boat makers in the long run.
Use the following data table to determine the equilibrium real interest rate after certain factors change: Month Real Interest Rate (%) Loan able Funds (trillions of $) Exogenous Change Equilibria (increases, decreases, or no change)
Country (A) bubble was obvious. During the mid-2000s, it went from being a country that specialized in flowers and iron and ore smelting to a country that specialized in global finance. Country (A) biggest banks grew to 10 times the size of their eco..
For a perfectly competitive firm,
The airline is considering building a new training center on this land.
If the quantity demanded of a good falls by 2% when income rises by 10%, then:
If instead she travels to Florida the trip will give her 8,000 units of utility and will cost her only $200. Joan will do best going to?
Originality -does this paper make a contribution to body of scientific literature -does it tell us sth didnt know before -learn sth?
Defend or critique the primary alternative sources of healthcare funding in the United States - Analyze the key types of policies required for the delivery of a public health insurance program, and hypothesize their main effects on the achievement ..
Heckscher Ohlin model with two goods (wheat and cloth) and two inputs (land and labor), suppose price of cloth rises by 10% and the price of wheat remains the same. Wheat is land intensive and cloth is labor intensive. the rise in the price of cl..
How would I find out by how much the price of water needs to be raised to reduce demand by 40% if the price of elasticity is 2.0.
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