What is the total amount of time supplied to the market

Reference no: EM132196944

Question: There are 10 individuals that inhabit a labor market. Each of them has a utility function given by

U (l, x) = 9l + 2x.

The price of good x, Px, is equal to 1 for all individuals. The time endowment of each individual is T = 20, and the non-labor income of each is I = 20. The wage of individual i is equal to i, that is,

wi = i, i = 1, 2, ..., 10.

a. What is the total amount of time supplied to the labor market (that is, what is the total amount of time supplied to the market by all 10 individuals)?

b. What is the total amount of x consumed by individuals in this market?

Reference no: EM132196944

Questions Cloud

What will be the form of the contract curve : Let's suppose we are in an exchange economy with two agents, with a contract curve going through the point (4,8). The Edgeworth box is a square.

How does the fomc evaluate the balance of risks : In current (2018) business publications or on the Federal reserve web site (www. federalreserve.gov), find the press release from the most recent meeting.

Determine how much is the final payment : A company wants to replay a $118,155 debt making $271 quarterly payment for 27 quarters, then one final payment. If the interest is 5.5 per year.

Add a member function to print out all the information : Add a member function to print out all the information about a town. The member functions should all be publicly accessible.

What is the total amount of time supplied to the market : What is the total amount of time supplied to the labor market (that is, what is the total amount of time supplied to the market by all 10 individuals)?

Write a void function named sort with two args : Write a C Program: Using qsort, write a void function named sort with 2 args an unsigned that is the number of elements in the array.

Compare the content of the quantity variable to the number : Write the C++ if statement that compares the content of the quantity variable to the number 10.

Determine the type of triangle for the given lengths : Write a program that determines the type of triangle for the given lengths of the sides the triangle does not exist.

Write a cgi program to numerically solve a cubic equation : Write a CGI program to numerically solve a cubic equation using the Newton-Raphson method.

User Account

All Pages