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Charlie can work as many hours as he wishes at a local fast-food restaurant for a wage of $4 per hour. Charlie also does standup comedy. Since Charlie lives in a quiet, rather solemn Midwestern town, he is the town's only comedian and has a local monopoly for standup comedy. The demand for comedy is Q = 40 - P, where Q is the number of hours of comedy performed per week and P is the price charged per hour of comedy. When Charlie maximizes his utility, he spends at least 1 hour per week working at the restaurant and he gets at least 1 hour of leisure time. His utility depends only on income and leisure. How many hours per week does he perform standup comedy?
A) 36
B) 40
C) 18
D) 20
E) There is not enough information to answer this question.
An economy has the following Money demand function: (M/P)d= .4Y/i^.5 . Where i is the nominal interest rate. Calculate velocity if the nominal interest rate is 4 percent. Calculate the new velocity of money.
[Some Hints: You need to discuss the benefits (gains) and costs of 'trade liberalization (trade openness)' and 'trade barriers (trade autarky)'.
A company having a cost of capital rate of 8 % purchases a $300,000 tractor. This machine has an expected service life of 4 years and will be used 2,500 hr per year. The tires on this machine cost $45,000. The estimated salvage value at the end of 4 ..
Let us for now ignore the problem of linear zing around zero-growth-rate, and assume that there is no problem in modelling constant natural growth rate. Let us suppose that monetary shock occurred, due to stochastic or forecast errors or intentional ..
Large-scale Russian farms have undergone some major changes, and these changes come in several forms. Which of the following is the most radical form of large-scale farm change that offers the greatest potential for efficiency improvements?
Media aggregators are utilized to bring together mass volumes of news together in one piece for consumers. With the continued advent of new technologies, the Internet has become ripe with various aggregators. What are the potential advantages of util..
According to conventional analysis, all consumer decisions are made with just a few assumptions about human behavior, given these, the consumer is then said to maximize their utility. Explain this concept and the process. How does the heterodox persp..
Do you want economy-wide interest rates to increase or decrease on January 1, 2016 at 9:05am? Briefly explain.
State whether the following actions will increase or decrease GDP:
Natasha has been told that if she reduces the thermostat setting on the heating system at her home by 1 degree, she will be able to reduce her present annual energy consumption of 5,000 kWh of energy by 20%. What is the implicit cost of 1 kWh of ener..
How has the advent of the modern corporation changed the likelihood that a firm's primary goal is to maximize profit? What other considerations have gained importance and may have replaced profit maximization as the primary goal of the corporation? C..
How much must Andy deposit today to make good on his promise??
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