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1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current situation or working one more hour in exchange for two additional units of consumption. Is this agent maximizing is utility? Why? Should he be working more hours? or fewer?
What are the advantages of using mathematics in Modern Economics? Many of the advantages of using mathematics are as follows: a. The “language” used and the explanations of
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Ask quAsk qIf the supply and demand curves for labor are represented by the following equations: Wd= -- (1/100)Ld + 30 Ws= (1/200)Ls Ws=Wd Ld=Ld a. Graph the results and show the
Former communist economies which is, with varying degrees of enthusiasm and have embraced CAPITALISM.
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haberlers cost theory
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Why firm charges different prices to different consumer? Every firm needs to maximize its profit. When goods are sold to different customers, each customer negotiate price of
Prove that utility approach and indifference curve yield the same consumer equilibrium
Lorie teaches singing.Herr fixed cost are $1000 a month,and it costs her $50 of labor to give one class.the table shows the demand schedule for lorie''s singing lessons. Price
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