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1. Consider an individual facing a wage rate w. There's a total of 100 hours available for work or leisure in a week.
(a) Represent his budget constraint graphically(b) Represent the effect of an decrease in the wage rate(c) Represent the effect of an proportional tax on labor income(d) Suppose that the individual must pay a 100 per week in taxes, regardless of how much he works. How does this affect his budget constraint?
2. 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 addi¬tional units of consumption. Is this agent maximizing is utility? Why? Should he be working more hours? or fewer?
3. Drowns indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
Potatoes cost Janice $1.10 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14
Elucidate what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred.
With a beta equal to .85 and a risk-free rate of 5%, if the required return on Navistar, Inc. is equal to 9%, what is the required return on the market, rM , assuming the market is in equilibrium?
Explain why the Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near "full employment" and becomes especially steeply sloped beyond "full employment" RGDP (hint: this topic is not discussed in your text. you will need ..
To what extent do you think that immigrant families should give up their customs to become part of their host Nation.
Describe how each of the following will affect the market for crude oil. Make sure you highlight whether supply or demand is affected and whether value will increase or decrease.
What typical measure was adopted to combat the potential abuse of market power by German Telekom? Why would regulation be been necessary? Why not now?
GDP is $14 trillion. government wishes to increase real gdp to 15 trillion. marginal propensity to consume (mpc) is 0.8, and every $1.00 increase in real government spending crowds out $0.50 in real planned investment expenditures
Research the elasticity of beef and eggs in regards to price changes. Explain how do supply, demand, and price controls interact to affect equilibrium price of eggs
Suppose two identical firms produce widgets and they are the only firms in the market. Find out the Stackleberg Equilibrium.
So many states provide firms with an investment tax credit that effectively reduces the price of capital.
What is demand elasticity in the $35 - $50 price range? Is demand elastic, inelastic, or of unitary elasticity Calculate the value and show all of your work. Be sure to use the midpoint equation to determine elasticity. Assume demand elasticity ..
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