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Consider a couple's decision about how many children to have. Assume that over a lifetime a couple has 200,000 hours of time to either work or raise children. The wage is $10 per hour. Raising a child takes 20,000 hours of time. a. Draw the budget constraint showing the trade-off between lifetime consumption and number of children.(Ignore the fact that children only come in whole numbers.) Show indifference curves and an optimum choice. b. Suppose the wage increases to $12 per hour. Show how the budget constraint shifts. Using income and substitution effects, discuss the impact of the change on number of children and lifetime consumption.
What is the total quantity supplied to the market? As this market makes the transition to its long-run equilibrium, will the price rise or fall?
Consider both sides of the argument and come to a decision of whether to close the plant or continue to operate it. How would you explain to either the president or the CEO that he or she is wrong?
If average total cost of producing wheat is $8 and cost of wheat is $6, illustrate what would you advise farmer to do.
Conduct a goodness-of-fit test analysis to determine if the proportions of individuals willing to pay more for environmenlal.ly friendly products in the various age groups are equal.
Evaluate the overall explanatory power of the regression model. Use a 0.05 level of significance. State all your hypotheses and explain your results. Do not use rules of thumb. Note: You will need to calculate the F statistic to answer this questi..
Assume an endogenous growth model with labour augmenting technology.
Write down an expression for the profit GBC will make if it uses L units of labor at $1 an hour and sells the resulting output of cookies at $p a cookie.
Compute demand of price elasticity of for natural gas sold to the US.
If each nation grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in terms of average income.
Elucidate how an increased federal budget deficit resulting from a recession can actually help stabilize an economy.
Suppose an individual dairy farmer in Northamptonshire decides that going price for milk is too low. Explain effects of this strategy.
Does that face help explain why such governments would rather subsidize an industry’s export sales than its sales in the domestic market?
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