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Assume an individual has a utility function of this form
U(C, L) = 6 + CxL
This utility function implies that the individual's marginal utility of leisure is C and her marginal utility of consumption is L. The individual has an endowment of V in non-labor income and T = 16 hours to either work (h) or use for leisure (L).
Assume the price of each unit of consumption good p = 2 and the wage rate for each hour of work w = 1, and V = 0. What is the optimal amount of consumption and leisure?
You have been tasked with determining the pay structure for a new team of sales workers. You are considering whether to pay them strictly on commission or whether to pay a smaller commission but guarantee a modest base salary.
The demand and supply equations for donuts are: Q = 160 – 4P and Q = -20 + 2P. Find the deadweight loss that would occur if a price ceiling of 22 were introduced. If scarcity was to disappear and donuts were free, how many donuts would people want?
Sam sells property to Betty and delivers Betty a deed that says "This property is conveyed to Betty so long as she never operates a bar on the premises." If she operates a bar on the premises, Sam Seller may take possession of the property.
Write out the supply of loans formula and use it to show what will happen to the supply of loans if private saving rises, then complete this sentence: If private saving rises, the supply of loans curve will_. Draw a graph showing the loan market in e..
An open pit mine must fund an account now to pay for maintenance of the pit mine in perpetuity (after the mind shuts down in 30 years). The cost until shut down are part of the mine's operating cost. The maintenance costs begin in 31st year at $30000..
q.given the demand function of a monopolistq 100 - pand the cost function faces himherc 100 80 qa. find out
Briefly describe two (2) products (goods or services) offered at a business you are familiar with. Next, identify two major competitors and describe the two products they offer that compete with yours.Describe your unique selling proposition (USP). H..
When the accounting profit equals the implicit costs, the firm earns
on the planet omicron persei 8 government spending is 1000 net taxes are 1200 as well as planned investment is 1400.
Suppose there is a $200 billion recessionary gap. If there are no taxes or imports to restore the economy back to potential GDP how much should government expenditure be changed if the marginal propensity to consume is 0.75? Does government expenditu..
Suppose that in addition to repairing your car, you can also spend money advertising. If you repair your car for hours and spend A dollars advertising, your benefit (the amount you revive when you sell your car) is B(H,A)=220H-H^2+2A. Both H and A ar..
Home Interiors has net income of $248,000. The firm has decided to pay $160,000 of that income out to the shareholders. What is the firm's retention ratio? Art Supplies has a net income of $138,600. The firm has $1.25 million in assets and $500,000 i..
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