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Takashi has non-labor income from his investments of I = $60 per day, and can earn an hourly wage at his job of $20 per hour. a. Write a formula for Takashi’s budget constraint as a function of L (leisure hours) and C (consumption spending per day). Draw a diagram showing this budget constraint. b. Suppose Takashi’s utility function is given by U = 2lnL + lnC, where ln is the natural log. Calculate Takeshi’s optimal number of leisure hours L*, labor hours H*, and consumption C*. Hint: equal slopes and on the budget constraint! c. Is Takeshi’s labor supply curve upward or downward sloping as a function of the wage? Explain. Hint: Use calculus and resolve for the optimal L given a generic W rather than $20.
As part of the rehabilitation of the downtown area of a southern U.S. city, the Parks and Recreation Department is planning to develop the space below several overpasses into basketball, handball, miniature golf, and tennis courts. The initial cost i..
Revise the following sentences to eliminate flabby expressions. Revise the following to eliminate long lead-ins. Revise the following to avoid unnecessary there is/are and it is/was fillers. Revise the following to avoid redundancies. Revise the foll..
In the country of Republic of Texas indirect taxes are $4,664, corporate income taxes are $9,824, transfer payments from the government to households are $9,403, personal income taxes are $5,723, the interest paid on the debt of the government is $9,..
Illustrate money supply should the Bank of Canada set next year if it wants to keep the price level stable.What money supply should the Bank of Canada set next year if it wants inflation of 10 percent.
Show the Income Consumption Curve for this consumer for income values M = 12, M = 24, and M = 36.
Use graphs to derive the LM curve for each of the following cases: (a) the central bank targets the money supply (b) the central bank targets the interest rate (as it does now) (c) the economy is in a “liquidity trap” because the demand for money is ..
Find the equilibrium price and quantity. Find the consumer and producer surplus at the equilibrium. Find the socially optimal level of output of paper. How can a corrective tax bring about this equilibrium? How much revenue would the corrective tax r..
the manufacturer of perfume enters into agreement with several distributor about the price at which the distributors can resell the perfume. The manufacturers who do not agree to the pricing suggestion are not able to sell the perfume.what is The..
What would happen to world welfare if the U.S. paid exporters a subsidy of $5 for every pair of blue jeans they sold to Canada, but Canada charged a $5 countervailing duty on every pair imported into Canada?
Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.
Assume the economy has a GDP of $11,500 billion. The unemployment rate is at 7.3% and has been slowly rising for the last 6 months. Inflation was at 2.3% one year ago but has since dropped to near 0%. The MPC in the economy is .75 and the natural rat..
During spring break, students have an elasticity of demand for a trip to Florida of -3. How much should an airline charge students for a ticket if the price it charges the general public is $360? Assume the general public has an elasticity of -2.
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