Real hourly market wage rate the individual can earn

Assignment Help Business Economics
Reference no: EM131073930

An individual utility function is given by U(c,h) = c*h, where c represents consumption during a typical day and h hours of leisure enjoyed during that day. The real hourly market wage rate the individual can earn is w = $20. For the graphical analysis of this individual’s utility maximization problem, consumption c is plotted on the vertical axis and hours of leisure h is plotted on the horizontal axis. The y-intercept for this individual’s full income constraint is [y]. (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. Add a leading zero and trailing zeros when needed. HINT: See Chapter 16 for more details.)

Reference no: EM131073930

Questions Cloud

Convertible perfereed stock : Valerian Corp. convertible perfereed stock has a fixed conversion rate of 7 common share per 1 share of perfered stock. The perfered stock pays a dividiend of $8.00 per share per year. The common stock sells$15.00 per share and pay a dividend of..
Compute the adjugate of the given matrix : Compute the adjugate of the given matrix
Refer to the pay off matrix-nash equilibrium : Refer to the pay off matrix below. Which of the following is a Nash equilibrium? (hint first determine whether one of the companies has a dominate strategy)
Do different reviews of usability testing : You need to review the usability testing - do different reviews of usability testing - The Website of the University of Jordan: Usability Evaluation by Layla Hasan
Real hourly market wage rate the individual can earn : An individual utility function is given by U(c,h) = c*h, where c represents consumption during a typical day and h hours of leisure enjoyed during that day. The real hourly market wage rate the individual can earn is w = $20. For the graphical analys..
Shares outstanding and annual earnings : Today the common stock of Gresham Technology closed at $21.20 per share, down $0.12 from yesterday. If the company has 3.6 million shares outstanding and annual earnings of $8.8 million, what is the P/E ratio today?
An example of a product-of-sum expression : 1. Which answer is an example of a product-of-sum (POS) expression?
Given the irreversible phenomenon of offshoring : Based on our readings of the two papers, given the irreversible phenomenon of offshoring, what should be done by stakeholders to maximize the benefits of offshoring for the majority of the people in both the host and the home countries? Discuss brief..
Economy through both employment creation and price reduction : The three studies that Bivens (2005) reviewed indicate that offshoring benefits the US economy through both employment creation and price reduction. Bivens argues that the results from these three studies are not reliable at best and, in some cases, ..

Reviews

Write a Review

Business Economics Questions & Answers

  Explain the emergence of an anti-globalization movement

What is globalization (please define it both as a process and outcome)? What factors can you identify in explaining why globalization occurred? How do you assess its impact upon both rich countries and poor ones, in particular, the issue of inequalit..

  What exactly is game theory

What exactly is game theory?

  Tertiary hospital developing a coronary bypass program

Describe the possible barriers to entry and exit for: (a) a physician wanting to establish a solo practice office in internal medicine, (b) a company offering a health club facility in the same building where employees work, and (c) a tertiary hospit..

  Supply curve for dollars in the currency market

What happens to the supply curve for dollars in the currency market under the following conditions?

  Effort required to maintain a scanning electron microscope

The effort required to maintain a scanning electron microscope is known to increase by a ?xed percentage each year. A hightech equipment maintenance company has offered it services for a fee of $25,000 for the first year (i.e., end of year 1) with in..

  Manufactures high sensitivity mini accelerometers

Precision Instruments, Inc. manufactures high sensitivity mini accelerometers designed for modal analysis testing. The company borrowed $10,000,000 with the understanding that it would make a $2,000,000 payment at the end of year 1 and then make equa..

  Find the limit output for fixed costs

Suppose that inverse demand is given by D(Q) = 56 − 2Q, Q = q1 + q2 and the cost function is TC(qi ) = 20qi + f (a) Find the limit output for fixed costs ( f ) equal to 50, 32, 18, and 2. (b) What is the SPNE for the entry game with the following tim..

  Each scenario is an example of price discrimination

Complete the following table by indicating whether or not each scenario is an example of price discrimination. Last-minute "rush" tickets can be purchased for most Broadway theater shows at a discounted price.

  How does short-run phillips curve reflect financial crisis

How does the short-run Phillips curve reflect a financial crisis as the one in 2008-2009?

  Amount of capital at the beginning of a year

The difference between the amount of capital at the beginning of a year and the amount of capital at the end of the year is equal to

  East also west wakovia will be elucidate how much tobacco

the combined production of East also West Wakovia will be Elucidate how much tobacco also Elucidate how much corn.

  Qwhen money decreases in value because of inflation people

q.when money decreases in value because of inflation people tend to place less trust in it as a method of storing value

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!

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