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Shellys preferences for consumption and leisure can be expressed as U(C, L) = (C − 200)(L − 80) (1) This utility function implies that Shellys marginal utility of leisure is C − 200 and her marginal utility of consumption is L − 80. There are 168 hours in the week available to split between work and leisure. Shelly earns $5 per hour after taxes. She also receives $320 worth of welfare benefits each week regardless of how much she works. 5.1 Graph Shellys budget line. 5.2 Write down the budget equation. 5.3 Find Shellys optimal amount of consumption and leisure. 5.4 What is Shellys marginal rate of substitution? 5.5 What is Shellys reservation wage?
As a price searcher, a monopoly firm must do what?
If this were the case would there be any automatic stabilizers in the government economy. Would there be any distinction between the full-employment deficit also actual budget deficits.
An investor is considering the construction of a new marina on the Detroit river at a cost of $68m. M&O costs will average $80,000 per year for the first five years, and rise to $100,000 per year thereafter. A major overhaul costing $12m will be requ..
In theory, “Giffen good” is a good for which the demand curve is upward-sloping, which violates the law of demand. Please provide at least one example as a Giffen good and explain briefly why the demand curve is upward-sloping.
Sergei is a computer programmer with a utility function equal to U=Y+120L-L . He contracts with Uber that allows him to set his own work hours; they pay him $50/hour. He has allocated himself a work-hour time budget of a maximum of 250 hours per mont..
A firm in a perfectly competitive market will produce no output in the short run if the price is below $20 but will produce if the price is above $20. The smallest quantity they will produce in the short run is 6. Firms will earn 0 economic profits i..
Illustrate what type of industry benefits the most from technological innovation? Select an article from either either a peer reviewed or current popular periodical on an industry of your choice and discuss this question from the perspective of th..
Suppose the value of technology adoption to a given user is log(n) where n is the total number of users who have already adopted the technology. Suppose the cost of technology adoption per user is c. Assume there are N users in the market.
Business intelligence
For the rest of the problem, ignore the inverse demand function stated at the beginning of the problem, and instead assume that the firm is one firm in a competitive market, Compute all of the points that satisfy the FOC for the individual firm.
The payment to resource owners has to be equal to ____ in order to keep the resources in their current use. The term price maker
study of individual behaviour - individual industry like education, meat industry, tourism and agriculture. Choose any ONE industry from this list and discuss the reforms been done in that industry.
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