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Sophia, an interior decorator living in Beverly Hills, receives $25,000 in alimony every month from her former husband. This is not enough however to support the lifestyle to which she has grown accustomed. She has therefore chosen to supplement her alimony with income from her interior decorating business. She charges $100 per hour for her services. Since she sleeps 9 hours a night, the maximum number of hours she can work a month (taken as 30 days) is 450. She gets pleasure not only from her spending money but also from her leisure hours. Draw her budget constraint in leisure-expenditure space. (Thus, leisure is on the x-axis and expenditure is on the y-axis).
Describe the effects of monetary policies on the economy's production and employment.
Illustrate what is the objective of the article. Please note that the article has to be relevant to microeconomics and the topics covered in this class.
The crowdedness of the city is fixed, and has no relationship to the distance from the central business district. In other words, as we go further and further from the central business district, the level of crowdedness of the apartments remain un..
Indicate at which point flat-of-the-curve medicine is experienced in the following example (imagine that antibiotics have been prescribed for a given population of 1,000 elderly persons). (Jacobs 31) Jacobs, P.. The Economics of Health and Medical..
The economics student knows that profit maximizing manager will produce quantity where marginal revenue equals marginal cost
What is the advantage of a centrally planned economy. low unemployment due to guaranteed jobs or high levels of consumer satisfaction or else.
Find (algebraically) the points where the MC function intercepts the AVC and the ATC functions. (Hint: at one interception point MC = AVC and at the other MC = ATC)
What is her marginal rate of substitution when L = 100 and she is on the budget line? What is her reservation wage? What is her optimal combination of C and L?
Please elucidate the likely effects on Savings (Gross Private Domestic) Investment, Long Term Real Interest Rates, The Capital Stock, Natural RGDP.
Explain why would economists be very concerned if the annual interest payments on the debt sharply increased as a percentage of GDP.
What is the firm's cost function when the cost of pollution certificates is included? What is the firm's marginal cost function when the cost of pollution certificates is included? Derive the firm's supply function.
Consider a firm selling two different products at two different plants. The cost function for both plants is given by C (q 1 , q 2 ) = q 1 2 + αq 1 q 2 + q 2 2 .
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