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Let Y represent income and L represent hours of leisure. Mike's utility for income and leisure is U(Y,L) = Y x L so that marginal utility of leisure = Y and the marginal utility of income = L. Total hours available for leisure and work in any given week = 80. He earns $15 per hour.
A) Calculate mike's optimal amount of income and leisure if he has no non labor income.
B) If the government starts a income maintenance policy that pays $X to all non workers and $0 to all workers, at what value of $X will Mike opt out of the labor force and go on welfare.
While waiting for their buses to leave, they decide to browse your school bookstore and buy some items that catch their eye. How would this affect the store’s inventories?
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In standard macro model, it is usually time preference that causes positive interest rate. But is there anything to do with risk aversion of utility function that causes existence of positive interest rate?
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As conditions in short term financial markets improved by summer of 2009 the Fed closed down its lending under these programs. However, throughout the next 4 years the Fed increased substantially its purchases of longer term mortgage backed securitie..
Suppose that a change in the expected inflation rate leads supply and demand to adjust so that the expected real interest rate is unchanged at 3.0 percent.
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The Federal Reserve uses the federal funds rate as an operating target because
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