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Consider an individual who was employed prior to having a child. Now, they face daycare costs (M) if they choose to go back to work. Assume that they earn an hourly wage (W) and their non-labour income (YN) is greater than their daycare costs (YN > M). Despite the daycare costs, this individual chooses to work T-L0 hours per week.
Draw a graph that reflects this individual's income-leisure constraint (both with and without daycare costs), utility-maximizing indifference curve (U0) and choice of leisure hours (L0).
Elucidate what happens to real GDP when it is initially to the right of the equilibrium point and why. Indicate two public policies which would be appropriate for addressing this situation.
If the goal of the firm is both short- and long-run profit maximization. Explain how the owners of the firm can bring the management team's objectives (goals) to be consistent with the owners' goals.
Assume a central bank does not satisfy the Taylor principle. Use a graph to analyze the impact of a supply shock.
Assume Caesar allocates his entire budget to the purchase of chips as well as soft drinks.
Explain the difference between marginal coordination and market cooedination?
Suppose that the number of pairs of clothes in a year by Americans is normally distributed and the mean number of clothes is 20 a year.
Find the information on GDP in billions of current dollars for the past four quarters. In U.S. Economic Accounts under National click on Gross Domestic Product
Explain the shifts in demand and/or supply that can result in the following observations: (Assume the demand curve is downward sloping and the supply curve is u
In a survey of 120 publicly-traded companies, the average price-earnings ratio was 18.5 with a standard deviation of 8.2.
A monopsonist has a rising MRC curve. Why? It pays a wage lower than the competitive wage. Why? Why might firms voluntarily pay a wage greater than the competitive (market clearing) wage?
For several years the euro-zone economies are underperforming. In other words, . Recently, the ECB reduced the policy interest rates from 1.5% to 0.5% and hinted further monetary easing. Consider the euro-zone as a large open economy under floating e..
Explain the law of diminishing marginal utility, and then discuss an instance where you have experienced this. Do we continue to purchase something even though it's marginal utility is decreasing? Why or why not?
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