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The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation
c + wl = w;
which can be rewritten as
c = w - wl:
The budget line gives all the consumption-leisure combinations that the person can potentially enjoy with his one unit of time.1 The slope of the budget constraint is given by (the negative of) the wage rate, w. Think about this as representing the relative price of leisure in terms of consumption: if the person desires to enjoy an extra unit of leisure he must sacrifice w in terms of consumption. If the person worked all of his time, so that leisure was zero, then his consumption would be w. This is the vertical intercept of the line. If he did not work, then his leisure would equal one, implying l = 1. He would of course have no consumption, so c = 0. This is the horizontal intercept.
4) The prevention of major swings in economic activity can be handled most easily by the A. household sector B. business sector C. financial sector D. government sector Explain
Demand Pull Inflation and Cost-Push Inflation: Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in n
Derived demand and Demand schedule: D erived demand is where the demand for a final product leads to the demand for a second product which is used to produce this final p
Equation (1) gives a hypothetical demand curve for hybrid vehicles in the United States during the year 2000, where Q is the quantity demanded and P is the price. Equation (2) giv
Development Administration: Since the Government has been entrusted to manage economic and business activities, it was found difficult to manage the economic policy with the t
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discuss the significance of paration research
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How does a per unit tax affect consumer surplus.
Population census: A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to
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