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Mary has two sources of income, let her non - labor income be represented by V dollars per year. He r labor income comes from working h hours per year in the labor market at wage rate of w per hour. Assume that her utility is a function of composite good, C (measured in dollars and priced at $1) and hours of leisure consumed, L (priced at w per hour). As sume her wage rate per hour is $10, her time endowment is up to 2000 hours per year and her non - labor income V is $3000. Below is her specific Utility Function. U = 100*Ln(C) + 125* Ln (L) A. Determine her specific budget constraint equation. Also graphic ally illustrate her budget constraint with C on the y - axis and hours of leisure consumed, L, on the x - axis. Clearly label everything including the intercepts, x - and y - axis and the slope of the budget line. B. Now solve for the optimal consumption bundle for Mary and identify the optimal values for C (C*) and L (L*). C. At the optimum, determine her level of utility. D. Now assume, the government decides that Mary qualifies for a cash grant welfare program where s he would be entitled to $3000 per year. What would this cash grant do to her non - labor income V? How would V and w change? Illustrate the impact of the cash grant on Mary’s choice of optimal bundle graphically. At her new optimum, what would happen to her hours of leisure consumed?
comment on the following statement from a newspaper article our junior high school serves a splendid hot meal for 1
For 2 different companies from 2 different market types (perfect competition, monopolistic competition, oligopoly, monopoly) provide well thought out, typewritten responses to the following. Description of Company’s Products and/or Services: Name of ..
A monopolists average revenue function is AR(Q) = 20−30Q and his total cost function is C(Q) = 20Q2. Find: His total revenue function. His profit-maximizing output level and maximum profit.
We grow wheat that sells for $40,000. The wheat is milled into flour that sells for $55,000. The flour is used to bake bread that sells to consumers for $90,000. Typically, a period where GDP is falling for at least 6 months is considered to be:
Officer Jones, in full uniform driving a marked police car, follows a motor vehicle operated by Smith because the vehicle has crossed the center line. should be admissible because it was found pursuant to a valid Terry stop- and- frisk. should be exc..
Explain what were the problems with this corporation from an organizational architecture point of view.
Using the appropriate graph, carefully describe why utility maximizing households would most likely chose to have fewer children as their income grows.
The recent immigration of labor into the United States from Mexico has led to increased calls for new restrictions on this movement of labor (including greater enforcement of existing restrictions). What would be the costs and benefits to the United ..
q.why have generic drug companies been so successful? explain what political conditions also economic conditions would
The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would ..
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..
How do tariffs work? Illustrate by referring to U.S. lumber imports from Canada, suing any set of quantities and prices to make your point. Public housing and public protection are two of many goods that government provides. One is considered a publi..
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