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An individual derives utility from consumption goods, X, and leisure time, N, to maximize the daily utility level, u = XN. Outside income per day is $m and the price of consumption goods is $p. The individual can earn money each day by working at a wage rate of $w per hour, but working of course takes away from leisure time (which implies it causes disutility). The individual’s utility maximization problem is constrained by two things: (i) the budget constraint, pX = m + wL, and (ii) the “time constraint”, L + N = 24 . the production function produces consumption goods with labor (L) according to f(L)=100* square root L. How much time will they spend on leisure? How many units of consumption goods will be produced?
If a producer offers a price that is below a consumer's valuation of the good, the consumer:
Suppose the economy is initially in long-run equilibrium and the U.S. stock market has a prolonged decrease in shareholder value. Use the AD–AS model to predict short-run changes to real GDP and the aggregate price level. Should the government undert..
Sidney makes $200 per week. She buys only two items: pizza and beer. The price of a pizza is $5 and the price of each beer is $2. What is the x-axis intercept for the above budget constraint? What is the slope of the above budget constraint? What is ..
The management of the Mini Mill Steel Company estimated the following elasticity for a special type of steel it produces: Ep=-2, Ei=1, and Exy=1.5, where X refers to steel and Y to aluminium. These are, respectively, the own-price elasticity, income ..
In 2010, 40% of all U.S. corn production was used for producing ethanol, while 60% was used for consumption in or as food products. In 2011, a prolonged drought reduced the overall production of corn by 30%, from 10 million bushels to 7 million bushe..
Demonstrate ethical scholarship in accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation.
What does the change in his con- sumption reflect a substitution or an income effect.
Your company is contemplating replacing their current fleet of delivery vehicles with Nissan NV vans. You will be replacing 5 fully-depreciated vans, which you think you can sell for $3,300 apiece and which you could probably use for another 2 years ..
Panther Hall is a college dorm with 100 residents who each have the identical demand function for a pleasant community room, given by the equation MB = 1000 – 9.95Q. The marginal cost of maintaining the community room is MC = 1500 + 5Q, where Q = squ..
Suppose that the government is deciding how wide to make a public road that services one resident named Bob. Bob’s willingness to pay for each metre of road is described by 20 – 2Q. Graph Bob’s willingness to pay (demand) curve. Suppose that the marg..
Suppose a firm has a fixed $100 to spend on K=10, W=5. What combinations of inputs can the firm buy? What is the equation for the line that represents all of these combinations?
Barney's Liquids and Aunt Bee's Lemonade plan to expand their international partnership for the marketing and distribution of ready-to-drink tea products by adding 12 countries to their current markets. If the agreement is reached, operations are exp..
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