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Problem
WORK TOO MUCH? NOT WORKING ENOUGH? Suppose an individual experiences utility from consumption C and hours of leisure λ. Consider a period of one week, that is, a period of length T = 168 hours. Suppose the price P of a unit of output is $10. Suppose a person's particular tastes and preferences can be represented by the utility function U(C, λ) = (C - 100) x (λ - 50). Suppose the individual can command a net wage of $40 per hour. During the period suppose the individual receives non-labor income of $300.
A. Graph the individual's budget set.
B. Suppose λ = 123 and the individual is on the budget line. How much is this person working per week? What "price" is this person willing to pay for an additional hour of leisure? Demonstrate and explain.
C. Does this person work "too much" or "not enough"? Or does this person work the "optimal" number of hours? Demonstrate and explain.
1. consider a demand curve of the form qd20-2p. also consider a supply curve of the form qs2p-4. graph both curves
The ABC Corporation has an investment opportunity that costs exist50,000 and 4 years later pays a lump-sum amount of exist63,000.
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The C$ declined an average of more than 3% per year relative to the US$ during the 1990s, yet the inflation rate in Canada was almost 1% lower.
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suppose that a small town has seven burger shops whose respective shares of the local hamburger market are as
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