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Consider the optimal choice of labor and leisure discussed in the text. Suppose a consumer works the first8 hours of the day at a wage rate of $10 per hour, but receives an overtime wage rate of $20 for additional time worked.
a) On an optimal choice diagram, draw the budget constraint. (Hint: It is not a straight line.)
b) Draw a set of indifference curves that would make it optimal for him to work 4 hours of overtime each day.
Assume that a monopoly's production function is Cobb-Douglas, Q = L^1/2 * K^1/2, where L is labor and K is capital. The demand function is P = 100 - Q. The wage rate, wL, is $1 per hour, and the rental rate of capital, wK, is $4 per hour. (a) Deri..
Then there exists a unique BGP allocation in which there is only labor-augmenting technological change, the interest rate is constant and consumption and output grow at constant rates.
you earn $30,000 annal income and you are risk averse. every year there is a 10% chance that you will loose $30,000 due to burglary and 90% chance that will loose nothing. Identify the maximum amount you will pay for insurance that completely cove..
put $20,000 on deposit on your 13th birthday at 5 percent compounded annually. On your 14th birthday, the account begins earning 6 percent. Then on your 15th birthday, it begins earning 7 percent. You plan to withdrawal equal amounts on your sixty-..
A large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $ 1,000 per diamond, and the demand for diamonds is described
Develop a personal statement and action plan for the conclusions you have come to as a result of reading the course text (Seider, 2012). There are two parts to this assignment.
he Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a statmp each time she purchases one dozen bagels $5. After a consumer accrues 10 stamps, she receives one dozen bagels free.
Suppose the government imposes a price ceiling of $50 on a market characterized by the following information:Qd = 700 - 2P Qs = 100 + 4P Calculate the magnitude of deadweight loss from the price ceiling.
The demand in the cake market is Qd =500 - 10p and unrestricted supply is Qs = 100 + 10p. Suppose the government imposes a baker's license that reduces cake supply to Q¢s =10p. Calculate the numerical values of the following:a. Price that cons..
Compute the elasticity for each variable and briefly comment on what that data gives you in each case.
Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of prod..
You may select more than one condition. You will receive credit for each correct condition. You will lose marks for selecting an incorrect condition.
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