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Sally, a college student at UConn, earns $10 per hour working at Friendly's. Her parents also give her $100 per week to help with expenses. Lately, Sally's parents have been concerned about her grades and want her to spend less time at work and more time studying. In order to encourage Sally to spend less time at work, her parents consider two possibilities:
Plan A: Reduce her weekly allowance by $2 for every hour that she works.Plan B: Increase her weekly allowance from $100 to $200 per week.
a. Given that there are 168 hours in a week, sketch Sally's weekly budget constraint before and after the implementation of Plan A. Label the x-axis, the y-axis, the x-intercept, the y-intercept, the slope and the endowment point.
Assume that an investor can invest the first $100,000 for a 13% return, an additional $100,000 yielding 10%, a further $100,000 earning 8% and the last $100,000 producing a 7% return. The cost of borrowing is 2% for the first $100,000, 4% for the ..
The daily wage (per worker) is $70, and the price of the firm's output is $32. The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is "high enough" so that the firm's total costs exceed its total revenue.
The supply curve for cars is given by the following: Qs = 2p-1000. Further the demand curve for cars is given by Qd = 8000 - p. In the equilibrium for the car market own price elasticity of demand (in absolute value terms) is equal to
For what values of a is he risk averse, risk neutral, and risk loving? From now on, assume that a = 1/2. Johnny owns a house that would cost $100,000 to replace should it ever be destroyed by fire.
There are 168 hours in a week. Of these, about 60 hours will go to sleeping (more or less). That leaves 108 hours for which we have a choice in terms of how we will spend that time. Let's assume that we will spend the 108 hours in either work or l..
(a) What are the equilibrium quantity and equilibrium price Graph your solution. (c) If a $2 excise tax is levied on this good, what will happen to the equilibrium price and quantity. How much tax revenue does the government earn with the $2 tax.
The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 250,000 gallons per year if $1.4 million. The cost-capcaity factor for this particular plant technology is 0.59 for capacities ranging from 200,000 gallons per y..
A firm has $1,100,000 in sales, a Lerner index of 0.62, and a marginal cost of $55, and competes against 1000 other firms in its relevant market. Instruction: Round your answers to 2 decimal places.
A large wood products company is negotiating a contract to sell plywood overseas. The fixed cost that can be allocated to the production of plywood is $900,000 per month. The variable cost per thousand board feet is$131.50. The price charged will ..
Suppose initially (period 0) the economy is endowed with $5 (billion) of capital stock and 10 (thousand) workers (let's ignore the units). We know that saving rate s is 0.15, population growth rate n is 0.01 and depreciation rate d is 0.09.
On a tropical island there are 100 potential boat builders, numbered 1 through 100. Each can build up to20 boats a year, but anyone who goes into the boatbuilding business has to pay a fixed cost of $19. Marginal costs differ from person to person..
Following is a multiple regression in which dependent variable is market value of houses and independent variables are the age of the house and square footage of the house.
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