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Consider a utility function:U(c,l) = (1-α) log (c) +αlog (l), whereα >0.
(a) Suppose that the consumer has one unit of time,w= 0.75,π= 0.8, and T= 1.0.
Determine the consumer's optimal choice of consumption and leisure, and show this in a diagram.
(b) Now suppose that wage double,i.e. w= 1.5. Again, determine the consumer's optimal choice of consumption and leisure. Use a graph to show how and why the consumer's optimal consumption bundle changes, with reference to income and substitution effects.
Inequality and poverty have been the subjects that take a toll on the productivity of the workforce. The central questions of these issues are economic ones.
If the economy characterized by the production possibilities table were producing 3 automobiles and 20 forklifts, what could you conclude about its use of available resources ?
You are asked to add a multiply instruction to LC3, making use of the unused opcode. Give the format of the instruction with support for both register addressing mode and immediate addressing mode for its second source operand.
ITEM 1. What's in and What's out? Calculate the Nominal GDP in 2004 and 2005 and Real GDP in 2004 and 2005.
Figure shows the Home no-trade equilibrium under perfect competition (with the price P C) and under monopoly (with the price P M). In this problem, we compare.
The Federal Reserve may buy government securities in open market operations in order to increase the money supply and encourage economic growth?
The theory of purchasing-power parity primarily explains 1. why a change in the real exchange rate changes a country's net exports. 2. why trade deficits tend to move to zero over time. 3. how foreign prices affect domestic prices. 4. the determinati..
Carlton Corporation, a manufacturer of electronic equipment, determine the following relation between its marginal cost of production output:
Discuss four main economic policy issues facing a country of your choice today. How does the government plan to address these issues in the future
Suppose the government reduces taxes by $20 billion and the MPC is 0.75. A. What is the total effect of this tax cut on equilibrium output?
One of the biggest risk factors for multi-nationals enterprise (MNEs) is using the potential volatility of exchange rates. Explain mechanisms that can be used to alleviate the risk, including discussion of ways in which an MNE might increase profi..
In 2005, The economist reported that France's real exchange rate had increased relative to Germany's real exchange rate during the preceding two years. How can this be true if both France and Germany used the euro as their currency.
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