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Let Tom’s utility function be U(C,L) = ??! + 3×??! . If Tom has 10 hours to split between work and leisure and his wage rate is $5 per hour, what would be his optimal allocation? Hint: Note that this utility function has indifference curves strictly concave to origin so optimality rule that we have seen in class is no longer valid in this case. Drawing budget line and indifference curves may help to solve the question
Incorporate this modified definition of YD into the private savings function, and identify explicitly the impact of a change in TR on private savings.
According to scientific nutritional studies in most nations, income of $1 a day does not provide sufficient food, shelter and clothing to live. Under these situations the medical risk of death is high.
Estimate the monthly payment if the car is purchased with a $15,000 down-payment and estimate the down-payment required to keep the monthly payment at $550
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
Use method of Lagrange multipliers to find the cost function c(r,w,y). Find out the average and marginal cost. Find out the interpretation of the Lagrange multiplier in part (a)? What is the importance of term (a+b) being less than, equal to, or grea..
suppose that the reserve requirement is 10 and the balance sheet of the peoples national bank looks like the
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
(a) List and describe the three tools of the Federal Reserve. Which of these three is the most important (and it's the most frequently used, too) (b) Continuing with what you answered for part a, explain how open market operations work. Be as comp..
select six products orand services that you consume and write an analysis of the elasticity of demand for each of the
When you were born, your grandfather established a trust fund for you in the cayman islands. The account has been earning interest at the rate of 10% per year. If this account will be worth $100,0000 on your 25th birthday, how much did your grandfath..
Employee benefits have become more and more an important part of employee compensation. According to the text, what percentage of employee compensation is employee benefits?
Suppose the price of labor increases to $2 per unit. What effect will this have on output per unit of labor and is this plant subject to decreasing returns to scale? Why or why not?
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