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Labour-Leisure choice:
a. Suppose that you can work up to 365 days per year and can earn $200 per day for each day you work. Draw a budget line with respect to your labour-leisure choice. What is the slope of the budget line?
b. Suppose that you choose to work 200 days per year. Draw the appropriate indifference curve, and note your equilibrium wage income and labour-leisure choices.
c. Suppose that you are sick ten days per year. Draw the impact of the illness on the equilibrium level in 3b. How will it change your equilibrium allocation of earnings and labour versus leisure?
d. Suppose that you are not sick. Further suppose that your wage rises from $200 to $210 per day. Show how your equilibrium level of income and labour-leisure will change from your answer in 3b.
Illustrate what is the relative labor supply in the economy. Derive it and draw it in the same picture as in part (a). Calculate the equilibrium relative price of labor.
A recent study indicates to the long-run average cost curve for cellular telecom companies are basically flat. Illustrate what do you expect to happen to industry output.
Evalute the percentage change for the two years. Explain the drastic change and what this meant for the U.S. population.
Explain why one can refer to corporate debt as a covered call on the value of a corporation with a strike price at the level of the debt (principal plus interest). You can use the unit trust a “corporation” in your answer.
An economist has predicted that for the next 5 years the U.S. will have an 8% annual inflation rate, followed by 5 year at a 6% inflation rate. this is equivalent to what average price change per year for the entire 10-year period?
A recession? How would your decision change if your firm's plant and equipment needed to be replaced? What if plant and equipment were new?
Your lectures in the first half of our course presented the 21st-century medical technologies that now drive healthcare (and drive healthcare costs) in America. Describe at least three examples of these technologies.
Jerry's demand curv for offic visits is Quantity = 30 - Price or Willingness to pay for the Nth visit=30-Nth Visit. Jerry has an insurance policy with a deductible of $100, a stop loss of $200, and a coinsurance rate of 50%. Suppose all doctors charg..
Suppose that we have an economy with four workers. Paris H. can teach 3 yoga lessons or make 20 lattes a shift. Kim K. can teach 2 yoga lessons or make 8 lattes a shift. Mike S. can teach 1 yoga lesson or make 40 lattes a shift. And Pauly D. can teac..
Select one The analysis of agriculture, textiles, and clothing in the EU, the United States, and Japan supports the proposition that older sectors of the economy are most protected, particularly in cases where the nation has lost a substantial part o..
In the short run if the output growth is just 2% for two years and the equation determining the real interest rate changes to: r=4.5-%?Y, what money growth rate should the Fed aim for to hit its inflation target in that period?
We are interested in checking if larger cities have higher rates of influenza than we would expect just from them being larger (Does a 1% increase in population result in a more than 1% increase in Influenza). Compute the t-statistic and determine if..
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