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1. A worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $15 per hour.
a. Illustrate the worker's opportunity set in a given 24-hour period.
b. Suppose the worker is always willing to give up $11 of income for each hour of leisure. Do her preferences exhibit a diminishing marginal rate of substitution? How many hours per day will she choose to work?
2. It is common for supermarkets to carry both generic (store-label) and brand name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes, meaning that consumers are always willing to substitute a constant proportion of the store brand for the producer brand. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar.
Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-brand sugar?
Assume that this consumer has $24 of income to spend on sugar, and the price of a store-brand sugar is $1 per pound and the price or producer-brand sugar is $3 per pound. How much of each type of sugar will be purchased?
How would your answer change if the price of store-brand sugar was $2 per pound and the price of producer-brand sugar was $3 per pound?
Linear programming is a mathematical technique used to determine the optimal solutions to certain specific problems.
The article study for the demand, supply and the market equilibrium has been discussed. The article that has been review was published on August 2012.
Draw the individual cost curves on one graph: marginal cost, average total cost, average ?xed cost, and average variable cost. Place costs ($) on the y-axis and quantity (Q) on the x-axis.
Explain whether the firm will make economic profit, In the short run and In the long run.
Determine the official measure of the deficit
The organization and coordination of the activities of a business in order to achieve defined objectives.
What is the profit maximizing number of Gizmo Widgets that should be introduced? Be sure to account for the fact that Gizmo Widgets displace other kinds of widgets. Again, be sure you provide a brief explanation of your approach/reasoning.
Prepare the sketch the Fourier transform of a rectangular pulse of amplitude 10 V and width 0.1 second that is centered on the zero time axis. Determine the autocorrelation function of a rectangular pulse.
Carry out an analysis from the standpoint of both EMV and expected utility to establish Jeremiah’s best course of action, including a consideration of his bidding strategy with regard to the auction.
Prepare a Marginal Cost Analysed Income Statement for 2014 from the above data to identify total and individual medical procedure contributions and profits.
MGMT 3306: Solve the assignment problems, 1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 3covers the lectures slides for Week 6.
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