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Leisure as a normal good
Consider the problem of maximizing u(c,l) subject to pc + wl = w + y, where c is consumption, l (element of (0,1)) is leisure time, and y is non-wage income. Prove that leisure must be a normal good for the labour supply function to be downward sloping.
Please use direct methods and comparative stats.
Once it is describe to be elastic or inelastic, explain how do you come to that conclusion.
Explain how would you respond to this question. Explain how might the bank tie in the concept of utility maximization into the campaign.
Assume the U.S. economy begins in long-run equilibrium. Concerns about global climate change cause the government to significantly restrict the production of electricity form fossil fuels.
Elucidate the percentage rate of Full Employment and Inflation that that these two organizations try to keep as its target.
To maximize total income should the price be increased or decreased
Suppose the U.S. is in the midst of a recession and a new president has just inherited an already large public debt.
Elucidate what are the differences among horizontal, vertical, and conglomerate mergers. Is one type preferable from the view of anti-trust policy.
Colin faiths that the number of job offers he will get depends on the number of courses. He concludes from observation that the following figures are typical.
This seems to have reversed itself somewhat in recent years. Illustrate what factors might have been at work.
On the other hand, you might also analyze in detail the effects of higher unemployment among a business cycle downturn.
Explain why do economists attempting to forecast short run future changes in real GDP and employment look closely at data on business inventories and unfilled orders.
Prediction of changes in the business environment affecting strategic planning. Elucidate the relationship among strategic planning and organizational design.
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