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Suppose Karenna has a utility function U(C, L) = Co.5 + 10.5 de- fined over leisure (L) and consumption (C), measured as expenditure. Karenna has 200 hours in a month to divide between leisure and labor. Her wage is $14 per hour. Karenna also receives an income support benefit from the government equal to $200 a month which is unrelated to her work decision, i.e. there is a 0% benefit reduction rate. Karenna has no other income. How much will Karenna choose to work and how much consumption expenditure will she have? How does this answer change if her benefit is raised from $200 to $300? Thinking in theoretical terms, what happens to Karenna's optimal choice of work and her personal utility when her benefit is raised? Does this policy change impose any dead weight loss on society?
The Constant Elasticity of Substitution Production Function Q(K,L) = A[b(K^b) + (1-b)L^p]y/p. (b = beta p = rho y = gamma) Determine the returns to scale for this production function. Find sigma, the elasticity of substitution.
In the economy of Panicia, the monetary base is $1,000. People hold a third of their money in the form of currency (and thus two-thirds as bank deposits). Banks hold a third of their deposits in reserve. What are the reserve–deposit ratio, the curren..
car industry sales of big ticket items in particular the autos declined strongly during the current recession and the
In establishing a statistical hypothesis testing of this situation, give the required null and alternative hypotheses for such a test, testing to see
Many conspiracy theories have been offered as explanations for the assassinations of the great leaders of the 1960s and still fascinate society today. Share some of those conspiracy theories. What contributes to the belief in conspiracy theories?
1.) What is the difference between a market structure and a characteristic of market structure?
1. Why would cash transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective?
(a) What is the after-tax rate of return? (b) What is the before-tax rate of return?
What is the minimum percentage of cell phone bills that will be between 54 and 102?
q.pluto inc has a beginning cash balance of 430 on february 1st.the firm has project sales of 600 in january 800 in
It would have to pay science teachers $90,000 to hire good science teachers. If one out of five teachers is a science teacher, what is the marginal expense of getting a good science teacher instead of a poor one?
A publisher is considering launching a new magazine for women in the 18–25 years age group. It is thought to be vital to the long-term success of the magazine that its sales should reach break-even point within its first year. Sketch out the key feat..
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