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Assume a consumer gains utility over consumption (C) and leisure (R). The utility function is defined as u(C,R)=36R+CR-R^2. the wage the consumer faces is 'w' and the price of consumption is normalized to one. Suppose we are only examining one day, where, if the consumer chooses, he can work the entire day (24 hrs). The amount the consumer works is defined as L=24-R, where 'L' is labour.
a) Derive the consumer's budget constraint and its choice variables (ie. the total amount of hours worked and leisure as a function of wage)
b) Derive the consumer's marginal rate of substitution dC/dR
c) Determine how the optimal amount of hours the consumer works changes over wage dR*/dw. Explain your results.
The manufacturer of these products has been in business for over 350 years.Your task is to find two more businesses which have also been around for at least over one hundred years.
In 2001 Anchovy had imports of $50 billion, exports of $60 billion, and Anchovy's GDP was equal to $300 billion. The trade surplus was what percent of GDP in 2001?
More demand and supply should be included in your analysis Warning: you are not required to "prove" or show your selection of the determinants of demand and supply. But your discussion and selection must be reasonable.
The Laser Printer Company decides monthly what to produce during the subsequent month. It produces three types of specialty printers-the Laser Rocket, The Laser Omega and the Laser Alpha-which bring them profit of $60, $90, and $73, respectively.
Suppose Q is the quantity demanded for medical care services. The linear industry demand function takes the form.
During March 2001 and March 2002, measured RGDP in the economy actually increased by about 2.5 percent, even though total employment in terms of hours worked declined through 1.8 percent and the unemployment rate increased sharply from 4.3 percent to..
Describe the two key tools of monetary policy, and explain how they would be used by the Bank of Canada to implement a contradictory monetary policy.
Illustrate what is the own price elasticity for ATM fees charged to non-customers.
A group of college students were given a short course in speed-reading. The instructor was curious if a monetary incentive would influence performance on a reading test taken at the end of the course. Half the students were offered $5 for obtainin..
A local lending institution advertises the “51-50 Club.” A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money. Compute the nominal annual interest rate for this loan.
Most Republicans need to reduce federal spending. Democrats do not want to reduce federal spending by as much as Republicans do.
The Saudi government's long-awaited decision of imposing fees on undeveloped plots within cities, known as ‘white land - Discuss your thought in detail, and make it rich with information and arguments.
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