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Suppose the consumer/worker values two things: a consumption good C and leisure: Suppose that there are 24 hours in a day and the consumer/worker has a utility function U (C; `) = C0:5`0:5: The price of consumption is P and the wage rate is w: You dont need any more prices. Note that this is a conceptually di¢ cult question with easy math. The di¢ culty in the problem is in setting it up correctly, conceptualizing it correctly and interpreting it correctly. 1. Write down the formula for the consumer/workers income. 2. Set up the utility maximization problem by writing the Lagrangian. 3. Solve for the Marshallian Demand for ` (i:e: solve for `) 4. Take the derivative of ` with respect to w: Is the result surprising (it should be!)? How is this problem different from the standard utility maximization problem (hint: there is an extra e¤ect of w here - explain what it is and how it works).
1. A new client has approached you and asked for advice on what documentation will be required for the preparation of their first tax return in Australia.
Elucidate what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze. Can you say what happens to the demand for orange pickers.
the pilots will receive options to buy 14 million shares of the firm's stock over the next 10 years. What impact do you think this new contract will have on Southwest Airlines?
If the central bank (the Federal Reserve) keeps printing money and lowering the interest rates to get consumers buy and businesses to borrow money, then the economy will improve. Do you agree with the statement? Hint: Think about the short term and i..
As manager of City Racquet Club, you must determine the best price to charge for locker rentals.
How can you benefit from taking a management science course? What decisons do you think you can use a Linear Programming model to solve when you become a manager?
Find out the Nash equilibrium cost for the two diners. How many breakfast club memberships will each diner sell in Nash equilibrium.
Assume you have the power to make reforms to the way tax research and planning is currently conducted. Propose the reforms you would make. Justify your response.
What were the main challenges facing Washington's administration? What was Hamilton's vision of the new republic? What was George Washington’s greatest achievement as president?
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text). Select an economic phenomenon and determine which of the models d..
Explain how many ships should be produced month if world chip costs are $62 per chips. Forecast the HSE's profit at this output level.
Consider a small open economy in the short run where the government imposes trade tariffs on corn. (a) Given a floating exchange rate sketch a graph of the impact of the tariffs on IS-LM. (b) With a floating exchange rate how does the trade tariffs i..
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