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Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following:
a. Show how Joe’s lottery winnings affect the position of his budget line.
b. Joe’s utility function for goods per pay (Y) and hours of leisure per day (N) is U=Y+240N^0.5. After winning the lottery, does Joe continue to work the same number of hours each day? What is the income effect of Joe’s lottery gains on the amount of goods he buys per day?
In regards to the juvenile justice movement, reference the progressive movement, the advent of juvenile court, the juvenile rights movement and any other pertinent movements within the juvenile justice history.
While tariffs and quotas have declined drastically under GATT and the WTO, nontariff barriers have been on the rise. Why would countries use nontariff barriers to distort natural trade patterns? Are there situations when the use of nontariff barriers..
Calculate the effective rate of production for steel industries. Question files are available when you purchase as they are images.
Suppose that Omar’s marginal utility for cups of coffee is constant at 1.5 utile per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the..
How has the median income of women compared to men changed since 1980? What do you think is the cause? Women’s income as a fraction of men’s income has fallen because men are still the majority of workers in high-paying jobs, such as management, cons..
In the space below, draw the new Keynesian sticky prices model. Label completely and correctly. Next, suppose there is an output gap. Suppose the government chooses to use scal policy to close the output gap. Illustrate this approach. State why each ..
Illustrate what is the effect of this policy on the interest rate in the long run.
Calculate the elasticity of demand as a function of Q. Does firm's profit maximization problem satisfy the global SOC? Using your answer 1,2 question, what is firm's profit maximizing markup?
The owner of Torpid Oaks B&B wanted to know the average distance its guests had traveled. A random sample of 16 guests showed a mean distance of 85 miles with a standard deviation of 32 miles. The 90 percent confidence interval (in miles) for the mea..
A 100 KM tollway costs $5M per km to build. The bonds are for 20 years and pay 10 percent per year [(A/P, 10%,20) = 0.1175]. If annual maintenance costs are $1000 per km, and 20000 vehicles use the tollaway every day, what toll needs to be charged to..
In a large city, a good, real-world example for perfect competition would be. A firm under monopolistic competition will earn
Total transactions deposits in the system are $100 billion. If the Federal Reserve wishes the money supply to increase by an additional $20 billion, the Federal Reserve could: How do I get that answer?
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