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worker views leisure and income as "goods" and has an opportunity to work at an hourly wage of $10 per hour.
a. The worker's opportunity set in a given 24-hour period is illustrated below. What are the values of A and B?
A =
B =
b. Suppose the worker is always willing to give up $14 dollars of income for each hour of leisure. Do her preferences exhibit a diminishing marginal rate of substitution?(Click to select)YesNo
How many hours per day will she choose to work?
Where will the price settle in the long run Remember, all purely competitive firms are theoretically doomed to make only normal profit in the long run. 4. Why is the long-run equilibrium position of a purely competitive firm productively and alloca..
The licensing restrictions allow each company to sell as much as it wants at a price ceiling of $2,200. You have the following output and MC data for each company: Output MC ($) Q Abba Babba Cabba 1,000 2,500 2,600 2,700 2,000 2,400 2,300 2,500 3,..
Ajax Cleaning Products is a medium-sized firm operating in an industry dominated by one large firm Tile King. Ajax produces a multi-headed tunnel wall scrubber that is similar to a model produced by Tile King. Ajax decides to charge the same price..
Assume that the following equations characterize a large open economy: (1) Y = 5,000 (2) Y = C + I + G + NX (3) C = 1/2(Y - T) (4) I = 2,000 - 100r (5) NX = 500 - 500e (6) CF = -100r (7) CF = NX (8) G = 1,500 (9) T = 1,000where NX is net exports, CF ..
Amos McCoy is currently raising corn on his 100 acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit Why or why not
A firm is considering two alternatives that have no salvage value. A Initial Cost $10,700 Uniform Annual Benefits 2,100 Useful life, in years 8 B Initial Cost $5,500 Uniform Annual Benefits 1,800 Useful life, in years 4
A single unit of a good is to be sold via an auction. There are two bidders, A and B. They are assumed to be risk-neutral. The seller knows that there are five possible values of willingness to pay, $100, $200, $300, $400 and $500.
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PNThe marginal cost of serving another customer is $5 and its fixed costs are $100.
Demand for flower bouquets in a suburban town is described by: QD = 50 - 5 P + 2 Y, where Q is quantity, P is price per unit, and Y is an index of consumer income. Similarly, supply is described by QS = 10 P - 5.
suppose the ratio of deposits that banks hold in the form of reserves is 7 percent. suppose further that people want to
Assuming that people hold no currency, what happens to each of these values if the central bank changes the reserve requirement ratio to 3%, banks still want to hold the same percentage of excess reserves, and banks don't change their holdings of ..
In the late 1990s a growing number of economists argued that world policymakers were focusing too much on fighting inflation. The economists also argued that the technical level of potential output had risen. Show their argument using the AS/AD mo..
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