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Tom earns $20 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 10 percent tax rate and pays $5 per hour in child care expenses for each hour he works. Tom receives $100 in child support payments each week. There are 110 (non-sleeping) hours in the week. Graph Tom’s weekly budget line. Tom earns $20 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 10 percent tax rate and pays $5 per hour in child care expenses for each hour he works. Tom receives $100 in child support payments each week. There are 110 (non-sleeping) hours in the week. Graph Tom’s weekly budget line.
Consider the following market game: there are two firms in an industry firm1 and firm 2. Firm 1 first chooses the quantity of its production and then firm 2 observing q1 will choose q2. Demand curve is given by P=1000-Q where Q is the total quantity ..
Illustrate what is the risk premium on the market. Illustrate what is the required return on an investment with a beta of 1.5.
A pizza parlor has the following production costs: $4.00 in labor per pizza, $2.00 in ingredients per pizza, $0.11 in electricity per pizza, $2,000 in restaurant rent per month, and $250 in insurance per month. Assume the pizza parlor produces 9,000 ..
Your firm faces considerable revenue uncertainty because you have to negotiate contracts with several customers. Use Excel to set up a decision tree for your profit forecast (it does not matter whether costs or revenues come first). How many possible..
Using your knowledge of production function, discuss how low interest rates may have helped economic growth. Why do you think we still have high unemployment? Why aren’t wages increasing? If you were to advise policy makers on economic policies, what..
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Find the utility maximizing ch..
"Suppose the market for oranges is disturbed by below-freezing cold weather that destroys much of the orange crop in the California. Predict what will happen to the equilibrium price and quantity in the market for oranges because of this natural d..
Currently, agriculture performs a supporting role in developing world—it supports the urban industrial sector. Are you satisfied with this role or do you want to advocate a different role for agriculture?
Some finance experts advise consumers not to worry about rising gasoline prices, the cost of which can easily be covered by forgoing one takeout meal a month, but to worry about how high energy prices will affect the rest of the economy. For example,..
You decide today that given the current price level (i.e. cost of living) you would be willing to accept any job that pays at least $50, 000. You will not accept any o?er below this. Currently, the CPI is 238 (recall, the base year for the CPI is 198..
Classmates and comment on their descriptions of the circular flow diagram and factors of production. Discuss how circular flow relates to current economic situations.
Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions.
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