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Joe won $365,000 a year for life in the state lottery. Use the labor-leisure choice analysis to answer the following.
A) show how Joe's lottery winnings affect the position of his budget line
B) Joe's utility function for goods per day (Y) and hours of leisure per day (N) is U=Y+240N^0.5. After winning the lottery, does Joe continue to work the same number of hours each day? What is the income effect of Joe's lottery gains on the amount of good he buys per day?
In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could cho..
How many yrs (expressed with 2 decimal place precision and accuracy) will it take to triple your investment of 383 $'s,if you can obtain 5.86%/yr interest compounded continuously?
A firm operating in perfect competition receives $45 for each unit sold. The form has a variable cost of $25 per item and a fixed cost of $1600. What is the profit for the firm if it sells?
Frank is a single-father with one child. The cost of child-care is equivalent to $150 per day. When Frank works, he receives an hourly wage of $20. In addition he has $150 of non-labor income per day. He sleeps 8 hours a day. Given these constraints,..
Complete the following table by indicating whether or not each scenario is an example of price discrimination. Last-minute "rush" tickets can be purchased for most Broadway theater shows at a discounted price.
Determine the impact on the economy if the central bank in U.S. used inflation targeting.
Explain how to get the producer surplus. What about the area that lies beneath the x-axis.
A brief description of the historical context in which the Washington agreement arose. The aim of the Washington agreement with regard to government intervention in the economy.
If American cheese also cheddar cheese are substitute afterward which of the following would increase the demand for cheddar cheese.
Institutions that function to connect one individual's savings another's investment decisions is in summation called the. Suppose the market interest rate for loanable funds is above the equilibrium level, this means the quantity of loanable funds: B..
q. the credit card market has grown increasingly competitive. to maintain customer satisfaction banks that issue credit
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
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