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a. Mr. Dilatoriness has a PhD in economics, but is happily unemployed; he spends most of his time reading classical literature, art and philosophy. He gets $ 3000 a week from his parents. His parents tired of his indolence, decide to cut down his weekly payment by 33.33% and ask him to join the family business at a wage rate of $ 20 an hour. Construct an income-leisure diagram showing Mr.Dilatoriness’ situation before and after. Under what circumstances would Mr. Dilatoriness maximize his utility? (Evaluate all possible income-leisure combinations under both scenarios)
b. Explain the concept of a reservation wage? Under what circumstances will the reservation wage be Negative? Give an example or draw an Income-leisure IC diagram.
Penny is making pipecleaner flowers to sell on Etsy for $1 each. Penny and her friends become more efficient as they gain practice in flower production. The first 100 flowers cost $1.35 each. All the rest cost $0.40 each. What is the marginal cost of..
Suppose there are two types of law school students: short haired and long haired. Additionally, law students generally choose between two types of firms when they graduate: big and small. Suppose the probability of being short haired is .8, and a sho..
Suppose that people expect the Fed to hit its inflation target. A: Calculate the optimal money growth rate needed for the Fed to hit its inflation target in the long run.
If you look at stock prices over any year, you will find a high and low stock price for the year. Instead of a single benchmark PE ratio, we now have a high and low PE ratio for each year. We can use these ratios to calculate a high and a low stock p..
The annual operating costs increase by 15% each year as the machines age. If the interest rate is 8%, what is the net present cost for the Quik-Skwish machine?
Demand for sporting events is uncertain, and depends on the quality of the match, as well as on unpredictable events, like the weather. Elucidate how would you price these two events differently.
Tyrion can either buy wine or pay for female companions. Wine costs 10 gold dragons and female companions cost 100 gold dragons. When all of his income is spent, Tyrion figures that his marginal utility from female companions is 80 and his marginal u..
If the increase in the money supply as being analogous to giving people more money. If the output of goods and services is not growing at a similar rate, inflation will eventually occur. According to PPP Theory, what will happen to the U.S. dollar? W..
A life insurance salesman spends 9 hours a week on the telephone soliciting new clients. Fro past experience, the salesman estimates that each hour spent calling students, blue- collar workers, and professionals will produce the following number of a..
An increase in the price of sodium carbonate, a chemical compound used in detergents will:
Assume you are the new manager of a local company. In addition to demonstrating your managerial skills during the interview for the position, the Vice President of Human Resources (HR) was impressed with your positive and charismatic attitude. Will y..
What benefit do economic models provide to decision makers seeking to manipulate economic conditions? In your posts, specifically address the models GDP, GDI, and their major components.
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