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Given the utility function:
U=lnc + l + lnc' + l'
and the budget constraint:
w(h-l) + w'(h-l')/(1+r) = c + c'/(1+r) where c = current consumption, c'= future consumption, l=current leisure, l'=future leisure, and r is the market interest rate. Suppose that the current wage, w=20 and the future wage w'=22.
What is the optimal value of current consumption, c? Show all steps.
Suppose that hedonic wage studies indicate a willingness to pay $75 per person for a reduction in the risk of a premature death from an environmental hazard of 1/50,000. If the exposed population is five million people, what is the implied value of a..
Which of the following statements about B2B market segmentation is MOST true?
Refer to the above graphs for a competitive market in the short run. Which of the following statements is true? A. The firm will increase production B. The firm is experiencing economic losses C. The firm is breaking even D. The firm is making econom..
If you were to emmigrate from earth, would you rather land and work in Thisuni or Nisuthi. Elucidate your reason based on the burden of tax paid by workers and firms.
Explain how would the competitive balance in the American and National Leagues change if baseball owners forced the Yankees to move to Albuquerque, New Mexico.
Determine the market rate of substitution. (b) In your graph show the budget set. (c) If PX doubles, what happens to the budget constraint. Show this effect in your graph. (d) What is the meaning of the slope of the two budget constraints?
Calculate nominal GDP in 2006 and in 2007 and the percentage increase in nominal GDP between 2006 and 2007.
CER defaults on its loan payments to Bank One. Can Bank One attach the 100 stereo systems CER bought from Stereo Manufacturer.
Calculate the returns to scale, marginal productivity, and state which of the functions defines a convex feasible region over their entire usage?
Revenue-sharing in professional sports. Assume that there are two grades of professional football players. There are a limited number of “stars,” whom the fans most want to watch, and an unlimited number of “non stars.” There are too few stars to ful..
The government wants to make medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month ..
q1. use the following general linear demand relationsqd 100 - 5p 0.004m - 5 pr where p is the price of good x m is
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