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Question 1: A person receives utility from consumption C and leisure L. The maximum number of hours that a person can allocate to work for pay or other uses is 110 hours. The utility function is U(C,L) = CL. This functional form implies that the marginal rate of substitution between consumption and leisure is C/L. This person receives €50 per week in government transfers and must necessarily allocate 50 hours per week to essential household duties, which are worth €10 per hour. These 50 hours are not leisure and cannot be allocated to work. Compute the reservation wage.
Question 2: Suppose that a technological breakthrough enables this person to carry out these essential household duties in only 40 hours per week (at no cost). How does this technological innovation alter the reservation wage? Provide a concise economic interpretation.
c)Now suppose that the government replaces the cash transfer (permanently) with free childcare, which increases by an additional 20 hours the amount of weekly hours that can be split between leisure and work. How does this public policy alter the reservation wage? Provide a concise economic interpretation.
If you know that the consumer price elasticity for this product group is 0.80, what would be your concerns when establishing the price?
What are the benefits of being able to assign tasks to team members? How does a responsibility matrix help assign tasks? Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your ..
What are the assumptions we need to have for our Utility Maximization model (Consumer theory)? And discuss when each assumption does not hold, how can it make the whole model collapse?
identify the choice that best completes the statement or answers the question.this table shows a game played between
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increase aggregate demand by cutting government spending or raising taxes. decrease aggregate demand by cutting government spending or raising taxes.
A restaurant owner is trying to decide whether to stay open at lunchtime. She has far fewer customers at lunch than at dinner.
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The problem belongs to Economics and it discuss about consumers' surplus, producers' surplus and total surplus for cheese produced in the year 2009 in the US.
abc co. has recognized numerous opportunities to expand in foreign countries and has assessed many foreign markets
Two firms share an industry in which total product demand is given by Q = 20-p. Derive the reaction functions of the two firms
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