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Mrs. Smith has a guaranteed income of $20 per day from an inheritance. Her preferences require her always to spend two fifth (40%) of her potential income on leisure (H) and three fifth (60%) on consumption (C)
What is Mrs. Smith budget constraint in this situation?
How many hours will Mrs. Smith devote to work and to leisure in order to maximize her utility, given that her market wage is $1.25? $2.50? $5.00? $10.00?
Graph the four different budget constraints and sketch in Mrs. Smith’s utility-maximizing choices. (Hint: When graphing budget constraint, remember that when H=24 C=20 not 0).
Graph Mrs. Smith’s supply-of-labor curve.
Treat the country listed as the home country, and treat the United States as the foreign country. Suppose the cost of the market basket in the United States is P(US)=$190. Check to see whether PPP holds for each of the countries listed, and determine..
If debt accumulates too fast and investors start to worry about [higher risk of default/ higher government revenues/ reduced risk of default], we can suppose that the [price of the government’s bonds/ the effective real interest rate paid to bondhold..
Which method is more likely to be technically efficient. Illustrate what is the probability that she wins.
A student taking economics, statistics, and finance has decided to spend 9 hours per week studying. The objective is to maximize the average grade, which means maximizing the total grade in the three courses. How should the student allocate her time?..
Consider a positive AD shock hitting the economy. Draw an AS/AD diagram and show both the short-run and long-run effects of the shock. And then, explain step by step the adjustment process after the shock, i.e. both the short run deviation from LRAS ..
Suppose you are the economist of Didier Enterprises - a firm that manufactures ballistic missiles. Based on the estimates provided by a consultant, you know that the relevant demand and cost functions for the missiles are Q= 25 -.5P and MC = 2. What ..
Foreign aid: Consider a Solow economy that begins with a capital stock equal to $300 billion, and suppose its steady-state level of capital is $500 billion. Summarize what this exercise teaches you about the possible consequences of foreign aid. In t..
a) What these numbers mean and how can they assist his business? What he needs to do to "make more profit"?
You plan to borrow $5000 to buy a car. The bank advertises two car loan plans with different nominal interest rates (APRs) and pay-offs periods. Plan A loans the money at the effective rate interest of 12 % compounded monthly, to be repaid over the n..
What is meant by the locational effect of varying prices in the Weber Model? How does it impact a firm’s ultimate locational decision?
Let’s say that there are many non-traded goods relative to traded goods. You are comparing the income of a rich country to the income of a poor country. For the poor country, do you expect PPP-adjusted income to be higher or lower than income calcula..
What is industrial economics and outline the salient features of the structure - conduct - Performance (SCP) Model
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