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1. Illustrate the full income budget constraint on an individual who has T0 units of discretionary time, Y0 units of unearned income and a wage rate of W0.
2. In the same diagram, illustrate the utility maximizing choice of leisure and goods/income. Indicate the number of hours that this individual works.
3. Now suppose that some kind of time-saving device (such as improved transit or the introduction of microwave ovens) increases the amount of discretionary time to T1>T0. Illustrate the new budget constraint in your diagram.
4. How does this increase in discretionary time affect the quantity of labour supplied to the market? Explain and illustrate in your diagram.
What is the point forecast of sales in the next time period? What is the 95% forecast interval for the next period’s sales figure? (use z = 1.96)
Relative poverty might be defined based on the: Assume someone with no income gets $1000 per month in benefits and there is a benefit-reduction rate of 60%. Someone that earns $1200 per month would have how much total income (including wage and benef..
Using a supply and demand diagram and a "tax wedge," show whether the buyers or the sellers will bear the bigger burden of a soda tax. Please actualy draw the supply and demand diagram for a full rating!
An article in the Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the chain owns and manages itself. What type of agency ..
Cournot (quantity) and Stackelberg (sequential) Two identical firms, Firm 1 and Firm 2, compete in quantity in a market where inverse demand is P(Q) = 100 − Q and there exists a constant marginal cost of 20 per unit. Find the Cournot equilibrium. Fin..
george has been selling 5000 t-shirts per month for 8.50. when he increased the price to 9.50 he sold only 4000
If the marginal cost of the separate products is high, a seller should consider _______ bundling instead of ________ bundling.
Demand for sporting events is uncertain, and depends on the quality of the match, as well as on unpredictable events, like the weather. Elucidate how would you price these two events differently.
A newspaper recently reported that U.S. businesses have significantly increased spending on capital goods. What effect might this trend have on U.S. labor markets?
If the price increases by 10 percent, by how much does the quantity of household (a) natural gas and (b) electricity change in the short run and in the long run?
Describe who bears relatively more of the burden of the tax, producers or consumers and illustrate your answer with a diagram.
q.branding i jorge products a specialty steel fabricator operates a plant in the town texas of west star. the town has
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