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Terry utility function over leisure (i) and other goods (y) is U(y,1)+y+1*y. the associated marginal utilities are M Uy=1 +1 and M U1=y. he purchases other goods at price of $1, out of the income he earns from working.
A. show that, no matter what Terrys wage rate, the optimal number of hours of leisure that he conusmes is always the same
B. what is the number of hours he would like to have for leisure
C. what must be true about terrys substitution and income effects for leisure when the wage changes?
Farma Inc. is working on the development of a new drug to combat Fingulesa. It has identified two strategies to pursue. Strategy one has a probability of success of 40% and strategy 2 has a probability of success of 60%.
where QI refers to the number of games they would play if the price of a game were PI. Because of their access to credit, they would be willing to pay an up-front fee to join the club. Wizards live from pay check to paycheck and would be willing t..
Keynesian Economics: Suppose the following about the economy of the United States: Government spending = 660, planned investment (Ip) = 215, autonomous consumption is 200, net exports is 100 and taxes are 100. In addition, for each additional $1..
A basketball manufacturer is considering a number of options for its new factory. Given the following costs and benefits of the four different factory configurations, what are the marginal costs and benefits of the Extra Large configuration
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Automobile companies often provide a 3-year warranty on new vehicles. Consumers must pay for extended warranties beyond the manufacturer's warranty period. Suppose that a 5-year extended warranty is offered for your new vehicle at a price of $1,31..
Suppose the second equation is changed to I = 500. What is the new equilibrium level of income? How much does the $100 increase in investment change equilibrium GDP?
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability
sales 1990 116 1991 105 1992 29 1993 59 1994 108 1995 94 1996 27 1997 119 1998 34 1999 34 2000 48 2..
Derive the law of motion of capital per worker and draw the graph of the law of motion of capital per worker, and indicate the steady state.
Suppose that a model of the economy suggests that the real interest rate is determined by the equation r= 8.35-%^Y where Y is the level of output, so %^Y is the growth rate of output. Suppose that people expect the Fed to hit its inflation targetI..
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