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Solving labour function
Susan's utility function is U=(x+y)R^2; where x and y are the quntities of goods X and Y that she comsumes, and R is the number of hours of leisure that she has per day. Good X costs $4 and good Y costs $2 per unit. Her wage rate is $8 per hour nad she has 15 hours per day to allocate between labor and leisure.
She will:
a. consume equal amounts of X and Y
b. consume 10 units of units X
c. consume 20 units of Y
d. work 10 hours a day
e. consume twice as much of good X as of good Y
As a manager of chain of movie theatres which are monopolies in their respective markets-Devise a pricing strategy to maximize your firm's profits.
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Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
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Illustrate what effect a contractionary fiscal policy have on the price level and real GDP.
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Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
Explain the trade-offs between any three of these options. In other words, what will you gain, and what will you have to give up if you choose each of the three options?
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