User Account

All Pages

Optimal number of hours

Assignment Help Business Management
Reference no: EM131491617

Marty McFly's utility function is given by U(L, C) = C(L+8). There are 24 hour in a day. His wage is $10/hr. and he has $20 non-labor income.

a. Find the budget constraint and then the optimal number of hours he should spend in Leisure (L)

b. Is it possible for Marty to consume $100 and have 10 hours of leisure a day? Explain.

c. If the wage changed to $5/hr would Marty work more or less? Are Leisure and Consumption gross complements or substitutes? 

d. Using the optimal amount of work from parts a and c, what is the elasticity of Marty's labor supply? Is Marty's labor supply elastic?

Reference no: EM131491617

Questions Cloud

Rationale of the business judgment rule : What is the rationale of the business judgment rule - does it allow directors too many opportunities to avoid the consequences of poor business decisions?
How average length of stay impact organizations budget : How Average length of stay and Hospital acquired infection rate impact organization's budget and reimbursement opportunities in the future.
Calculate the earning per share one-year ahead : Calculate the earning per share one-year ahead. Calculate the P/E ratio one-year ahead.
Breaches of her statutory duty of care : Rose is becoming worried about her obligations as a director, especially if Growfast's financial position deteriorates any further.
Optimal number of hours : Find the budget constraint and then the optimal number of hours he should spend in Leisure (L)
What are main types of tax-exempt money market funds : What are the main types of tax-exempt money market funds? What is the beta coefficient for a firm?
Shortage of skilled nurses in the long run : If you were in charge of a hospital, what would you do to recruit skilled nurses? How would this affect the shortage of skilled nurses in the long run?
What would be the break even amount : If a person was interested in purchasing a company, what would be the break even amount they would need to pay if the returns were $20,000 in the first year.
Explain the company a wacc : Company A has a target debt/equity ratio of .35. Its cost of equity is 5.67 percent, and its before tax cost of debt is 3.59 percent.

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd