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Terry's utility function over leisure (L) and other goods (Y)is U(L, Y) = Y + LY. The associated marginal utilities areMUy = 1 +Land MUL = Y. He purchases other goods at aprice of $1, out of the income he earns from working. Showthat, no matter what Terry's wage rate, the optimal number ofhours of leisure that he consumes is always the same. What is the number of hours he would like to have for leisure?
If the government levies $20 billion in taxes to finance additional spending on military weapons, the net impact on total employment will be
Explain the causes of recent recession and when it started and when it technically ended. Finally why the recent recession was called the worst recession after the great depression.
3. Suppose that in Australia, investment is $160 billion, saving is $140 billion, government expenditure on goods and services is $150 billion, exports are $200 billion and imports are $250 billion. a. What is the amount of tax revenue? What is the g..
Compute profit-maximizing output, price, and profit levels and Use the Lagrangian multiplier method, compute profit maximizing output, price, and profit levels in light of a parts shortage that limits output
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
Discuss perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings. Additionally, how does the proliferation of global trade and competition contribute to markets moving
Discuss the so called fiscal cliff and the expected impact for the State of Mississippi and the Mississippi Delta.
One of the most important skills to learn in managerial economics is the ability to identify a good business. Discuss at least four characteristics of a good business.
Explain how have monetary and fiscal policies affected the prices of the product the petroleum industry produces.
Define the high school and college graduate dummies in Stata and add them to your regression model, impact on your interpretation of the coefficient on the restaurndummy
In the economy of Cape Despair, subsistence real wage rate is $15 an hour. Whenever real GDP per hour increase above $15 the population grows,
From each pair of goods, pick the good for which demand will most likely be more elastic:
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