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Suppose there is a single consumer with U = Sl, where S is steaks and l is leisure time.
The Consumer is endowed with one unit of leisure time, and the production for steaks is S = l / c , where c >0 is a constant.
Assume that the government can observe the leisure that is consumed. It taxes leisure consumed at t per unit of leisure and returns the collected ‘revenue’ to the consumer.
Find the equilibrium consumption of steaks and leisure, and calculate the welfare loss (in terms of utility) of this tax. Explain your answer in words with reference to an appropriate diagram.
On hearing that you are undertaking a subject in accounting as a part of your degree you are approached by a friend, Michael Graham, to give him advice regarding the potential purchase of a business.
Estimate the macroeconomic implications and microeconomic consequences of a monopolistically competitive firm or an oligopoly firm filing for bankruptcy.
Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.
The Errata Book Company is a firm that sells its book to two types of consumers, type 1 and type 2. The marginal revenue Errata gets from type 1 consumers is: MR1 = 20 - 2Q1, and the marginal revenue Errata gets from type 2 consumers is: MR2 = 15 - 3..
In the foreign exchange market, the quantity U.S. dollars demanded is a function of:
Marcella operates a small, but very successful art gallery. All but one of the following can be classified as a variable cost arising from the physical inputs Marcella required to operate her business. Which is it?
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 6%, the growth rate of the velocity of money is 2% and that the real economic growth rate i..
HoosierMaker expects to garner revenue of $9.5 million each year and spend $1.3 million a year in costs, over the next 7 years. What is the future worth of this investment if the companies' rate of return is 16% per year?
If you could create the "perfect" society that protects its citizens yet fosters personal growth and help them be productive, what will it look like? For this paper design your own society based on the above ideas and explain why you think it is the ..
q1. an electrical utility is experiencing a sharp power demand which continues to grow at a high rate in a certain
Consider a closed economy which can be characterized by the following equations: C = 400 + 0.8YD I = 600 + 0.1y- 1000r G = 300 T = 125 (M/P)d = 0.2Y-6000r (M/P)= 400 c. Determine the equilibrium values for real GDP (Y), the real interest rate (r), pr..
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
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