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Patrick chooses to use his time ‘free-time’: (a) working out or (b) reading. Patrick currently has 20 hours a week to allocate to these two activities. It takes Patrick 1.5 hour to work out and .5 hours to read. Patrick enjoys both activities, but he has recently focused more on improving his thought processes; therefore, he spends more time ‘reading’. Patrick feels that the optimal allocation of his time, based upon his budget constraints, is to allocate 12.5 hours to reading and 7.5 hours to working out. (a) Draw Patrick's budget constraint and optimal consumption bundle such that the number of hours that he spends working out is on the x-axis and the number of hours that he spends on reading is on the y-axis. (b) Patrick spends more time working out and reading and he becomes more efficient at completing both of these tasks. He can now complete a work out in an hour and he can read the same amount that he previously read in half the time. If the ratio between choosing to read or work out has not changed, please graph his budget constraint and indicate where his knew budget constraint is based upon this new information. (b) Patrick spends more time working out and reading and he becomes more efficient at completing both of these tasks. He can now complete a work out in an hour and he can read the same amount that he previously read in half the time. If the ratio between choosing to read or work out has not changed, please graph his budget constraint and indicate where his knew budget constraint is based upon this new information.
Monopolistic competitition differs from perfect competition primary because in monopolistic competition,
Which of the following are examples of debt overhang? Which examples are likely to lead to a cutback in spending?
q.alices utility is given by x as well as y are goods as well as l is the amount of hours that alice works. alice can
Good X and good Y are complements. U(X, Y) = min (5X, 4Y). Price of X is $5 and price of Y is $4. The total income is $80. Write the consumption ratio of good X and good Y. Write the budget constraint.
Recently there has be a drive to increase the production of alternative fuels from corn. The argument used by many is energy self sufficiency. In light of the desire to reduce our use of foreign produced oil, many have suggested we should subsidize t..
q.remington inc. purchases a machine that costs 700000 and has an approximate d useful life of 10 years a macrs
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift this function? A change inures remuneration from salary to fee for service. A change in the case mix of patients,..
Over the last months, a growing score of economists have suggested that the Federal Reserve should raise interest rates (by reducing the money supply). Do you think that recent figures on employment and GDP growth lend support to such claims?
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 2. Determine how much the consumption of this good will chang..
An economy with nominal tax rates significantly higher than effective tax rates has
The following equations describe a small open economy. Calculate the equilibrium level of output (Y*).
Gomez runs a small pottery firm. He hires one helper at $14,500 per year, pays annual rent of $7,500 for his shop, and spends $18,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) t..
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