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People like to earn money, but they don't like to work outdoors in the summer, due to the high heat. Suppose that the utility function is \(U(w,x)=w^{1/2}-0.5h\) , where w is the wage and h is a measure of the number of very hot days.
a. What is the marginal utility of the measure of very hot days, h?
b. Suppose that Sacramento has h=3 and San Francisco has h=1. If people can earn w=10 in San Francisco, then how much must someone earn in Sacramento in order to consider working in Sacramento, all else the same?
Suppose a farmer has some money of his own to invest in a better way to cultivate his land. Cultivation can be done using two techniques, both of which require an initial start-up capital of $200. The first technique is risk free and generates a..
You own a building that has 4 possible uses: a cafe, a craft store, a hardware store, and a bookstore. The value of the building in each use is $2000; $3000; $4000; and $5000, respectively. You decide to open a hardware store. The opportunity cost..
Robertson Inc. wishes to set aside lump sum money to withdraw from and invest in automating parts of its business over the next 5 years. This money is expected to earn compound interest at the rate of 10% per year.
Assume that the economy can experience high growth, normal growth, or recession. You expect the following stock market returns for the coming year under these conditions. State Probability Return High Growth 0.2 +30%
Complete the following table for a single firm operating in labor market, A and product market, B a) What, if anything, can one conclude about the degree of competition in labor market A and product market B b) What is the profit maximizing level of ..
Suppose the last five motels are "cut-rate" motels. Describe how you would select a random sample of three regular motels and two cut-rate motels. Three can be chosen from the first 20 motels in how many ways
The Columbia Company manufactures a battery-powered saw. Due to increased demand during the past few years, Columbia has increased plant capacity for the saw to 300,000 units. The firm's expected output and sales for the next year in their normal..
Determine when a competitively produced product generates negative externalities in production, the industry will,
The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. Daily Demand (y) Unit Price (x) a. Compute and interpret the sample covariance for the above data. b. Compute and interpret the s..
The services of a certified psychologist cost $110 per hour, and an extended health plan covers 50 percent of that cost. Under the plan, the clients covered used 625 hours of this service in a typical three-month period. To save money, the extende..
how many bushels of apples should the farmer produce? If the government imposes a tax on the sellers which results in the sellers receiving $1 less per bushel sold, what amount of apples should the farmer choose to produce?
Suppose the marginal benefit of writing a contract is $100, independent of its length. Find the optimal contract length when the marginal cost of writing a contract of length L is: a. MC(L) = 30 + 4L. b. MC(L) = 40 + 5L.
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