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1. Say that a person faces a choice between two goods, leisure (good 1) and money (good 2). The price of leisure is the wage w = 10 and the price of money is p = 1. They have 10 available hours that they can allocate as they wish between leisure or working for wage, and they also have $50 in non-labor income. Their utility function is u = Lc^4 .
a) Sketch this person's budget constraint.
b) What is this consumer's optimal choice of consumption bundle? How much do they choose to work?
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Consider a discount bond whose current price is $700 and pays $800 (without coupon payments) in a year. Calculate the yield to maturity for this discount bond.
Jerry wants to start his own business with $20, 000 in his bank account. Given that the market borrowing and lending rate is 10%, and his expected production function is y2 = 220 * (sqrt of Initial Investment) What is the optimal amount Jerry should ..
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Forty years ago, Starbucks was a single store in Seattle's Pike Place Market selling premium-roasted coffee. Today, it is a global roaster and retailer
Suppose the utility function given: U = M2L where marginal utility of leisure (L), (MUL) = M2; marginal utility of income money (M)(MUM) = 2ML and wage = $ 10.
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What does Friedman mean when he says the Earth is becomming "hot, flat, and crowded?" Describe three of the key problems that Friedman identifies in the book and explin why they re important.
In addition the US government decides to establish a price ceiling to help families who cannot afford the high price of wheat products.
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