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Shelly's preferences for consumption and leisure can be expressed as U(C, L) = (C - 200) × (L - 80 ). This utility function implies that Shelly's marginal utility of leisure is C - 200 and her marginal utility of consumption is L - 80. There are 168 hours in the week available to split between work and leisure. Shelly earns $5 per hour after taxes. She also receives $320 worth of welfare benefits each week regardless of how much she works.(a) Graph Shelly's budget(b) What is Shelly's marginal rate of substitution when L = 100 and she is on her budget line?(c) What is Shelly's reservation wage?(d) Find Shelly's optimal amount of consumption and leisure.
This question refers to the estimated regressions in table 1 computed using data for 1988 from the United States Current Population opinion poll.
Determine the expected signs of the various coefficients and explain your reasoning.
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
Suppose you have been recently employed as manager of a restaurant and a very important credit card firm offers you a deal that is supposed to raise your sales.
Suppose you have been employed as an economic analyst, your job is to use the Regression Model to estimate potential sales of your employer's product.
Calculate the predicted probabilities and verify that all the ?tted values are between 0 and 1. What is the smallest value you observe? And the largest?
Calculate the price elasticity of demand in summer for transit services and the cross-price elasticity of demand for transit with respect to the level of business activity.
Assume that the price index is one hundred and a typical basket of goods and services cost $8. Within the basket, you had four hamburgers and 3 hot dogs.
There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
Gold Trackers watching the value of precious metals and has daily information on prices and sales of gold for the last many years.
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