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Presume that the representative consumer’s preferences change, in that his/her marginal rate of substitution of leisure for consumption increases for any quantities of leisure and consumption.
1. Describe what this change in preferences means in more intuitive language.
2. What effects does this have on the equilibrium real wage, hours worked, consumption, and output?
3. Do you think that preference shifts like this might describe why economies experience recessions? Why or why not.
Embassy Motorcycles (EM) manufactures two lightweight motorcycles designed for easy handling and safety. The EZ-Rider model has a new engine and a low profile that make it easy to balance. The Lady-Sport model is slightly larger, uses a more tradi..
Consider a U.S. Treasury Bill with a one year maturity and a face value of $1,000. If you purchased one, it would be an asset for you and a liability of the U.S. Treasury; currently, some $1.4 trillion are outstanding, which indicates that the..
In working out your responses to the Discussion Question, you should choose examples from your own experience or find appropriate cases on the Web that you can discuss. Credit will be given for references you make to relevant examples from real compa..
Find the marginal rate of substitution for both individuals and is the initial allocation pareto efficient
WHAT FACTORS AFFECTED NATIONAL INCOME, UNEMPLOYMEY RATE AND INFLATION RATE WHAT FACTORS EFFECT EACH OF THESE ECONOMIC VARIABLES?
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
You're in Management for IBX Steel Components. J. D. Brotsky is a top labor leader and just announced that her union will go on strike against management unless you grant the workers a significant pay raise.
chidnma is retiring this year. beside social security he will have a 500000 retirement fund to draw from. the
an industry is composed of 20 firms all with equal sales. the herfendahl index ratio in this industry is a.1000 b.500
Describe and discuss why characteristics of the labor markets should result in the similar wage rate for all jobs requiring the similar level of abilities and skills?
In effect, the CRA and the actions of Fannie Mae and Freddie Mac acted to subsidize home purchases by people who otherwise would not have purchased houses. All subsidies must be financed by taxes, implicit or explicit on someone.
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1's reservation price for accepting the risky job is $1; worker 2's reservation price is $2, and so on. Because of technological re..
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