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Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200) and ( L-80) respectively. There are 168 hours in the week available for both work an leisure. He earns a nominal wage of $20 and the price of consumption goods is $4. He also receives a nominal amount of $1280 of non-labour income as a transfer. Note: First, make it all real!
a) Graph Mikes' budget line and label all.
b) If Mike works 40 hours and he is on the budget line, what is his MRS?
c) What is his optimal amount of consumption, leisure and work?
d) What is his nominal reservation wage?
We discussed why economists prefer to use available statistics and econometric techniques over other means of measuring consumer demand. Write a short essay describing a situation
Ask qu a.Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this
have to do a group project on consumer equlibrium. plz help on wat sub topics to select (i am in college 1st year)
Aska) Summarize the basic tenets of the arguments in thiscase b) Do you agree with main tenets of the arguments in the case? Why? Justify your answer with detailed explanations.
#queIn a particular year, an organization earns cash revenues of Rs. 2,00,000. Total material and labour expenses are Rs. 1,09,000. The depreciation claimed on the equipment is Rs.
Environmental economics goes back to the 19th century. Economists who research the planet are mainly worried with the idea of externalities, rare organic sources, and with the pro
A monopolist''s demand curve is P=100-2q. find his MR function. at what price is MR zero
Natural Factors: Seasonal variations may affect the demand for a commodity at certain times of the year. For example, during the raining season, demand for commodities such as j
Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc
It is also known a sleadig indicators forecasting National Bureau of Economic Research of U. S.A has identified three types of indicate Leading indicators coincidental indicators a
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