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Leisure as a normal good
Consider the problem of maximizing u(c,l) subject to pc + wl = w + y, where c is consumption, l (element of (0,1)) is leisure time, and y is non-wage income. Prove that leisure must be a normal good for the labour supply function to be downward sloping.
Please use direct methods and comparative stats.
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
Elucidate the steady state level of capital and how savings affects output and economic growth. This provides a brief introduction to the solow framework.
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The price elasticity of demand for both tissue has been estimated.
Important information about Regression anaylsis. Compute the equilibrium price and quantity.
Illustrate what are the four stages of the Business Cycle. Compare and Contrast five internal and external Business Cycle theories.
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Illustrate what are the basic provisions of a collective bargaining agreement. Explain the differences between meditation and arbitration.
Time Magazine and Newsweek are two competing news magazines. Suppose that each company charges the same $5.00 price for their magazines. What is the Nash equilibrium for this sequential game?
Illustrate what range of labor input is marginal product smaller than average product. What is happenning to average product as employment increases over this range.
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