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Consider an individual with preferences over consumption c and leisure l given by:
u(c,l) = [(c^(1-γ ))/(1-γ)] + al
where γ > 0 and a > 0 are constants. She is endowed with h hours of time to divide between working at wage w and leisure. She has no unearned income, and thus uses all her labor income for consumption.(a) Solve for her optimal choices of consumption and leisure.(b) Under what conditions does her labor supply curve slope up or down?
The following table gives the joint probability distribution between employment status and college graduation among those either employed or looking for work (unemployed) in the working age U.S. population for 2008.
Use the given equation and determine the demand equation as a function of Ps if the price of other pastas (Po) is $2,
what extra semiannual expenditure for five years would be justified for the maintenance of a machine in order to avoid an overhaul costing $3000 at the end of five years. assume nominal interest rate of 8% componded semiannually.
Despite very low growth of GDP in 2008 and 2009, and still high unemployment rate of 9.5 percent in June 2010.
Find and expression for capital per worker at the steady state e. Solve for the steady-state output per worker when d = 0.08 and the savings rate = 0.25 f. plot the steady state capital per worker as the savings rate goes from 0.05 to 0.50 in 0.05 in..
Vincent van Gogh can produce paintings at constant marginal cost cV V G = 1. The population of buyers of VVG paintings is grouped into two categories: Serious Art Collectors (SAC) and Casual Art Collectors (CAC). The SAC to CAC population ratio is..
The amount of the loan was $23,800, and it had an interest rate of 10% per year. However, because the new graduate had not built up a credit history, the bank made him buy loan-default insurance that cost 5% of the loan amount.
You have just purchased a new Ford Taurus for $20,000, but the most you could get for it if you sold it privately is $15,000. Now you learn that Toyota is offering its Camry, which normally sells for $25,000, at a special sale price of $20,000.
Refer to Table For a firm operating in a competitive market, the marginal revenue is $0. $7. $14 $21.
If the government imposes a tax of $15 a month on the market, what price would the buyer of an Internet service pay?__________ What price would the seller of the Internet service receive?____________________
The economy of Sonrisa has 1000 people in three income categories: poor, middle class, and rich. The poor ear $500 per year and have to spend it all to meet their consumption needs. The middle class earn $2,000 per year, of which $1,500 is spent a..
Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4 percent, or .104, and the labor force participation rate is 72.5 percent, or .725.What is the size of the labor force
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