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Consider an economy where, consumer's utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p)
(a) What happens to t as real wage increases? Give a clear intuition
(b) What happens to t as labor increases? Give a clear intuition
(c) Write down the firm's maximization problem and solve it. Find real wage, labor.
(d) Write down consumer maximization problem and solve it. Derive labor supply curve
(e) Find real wage, employment, output and unemployment in this economy.
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Q 1 5 20 bags. Q 2 5 15 bags. Q 3 5 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of ..
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