Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
A person chooses between leisure and consumption. All of their consumption comes from current income. The utility derived from any combination of leisure and consumption is given by: u=YL-88Y where u is utility, L is hours of leisure per week and Y is the number of dollars of income all of which will be spent on consumption. The person can work as many hours as they wish during the week at a constant wage of $4 per hour. There is no other source of income.
i. Identify the equation for this person's budget constraint.
ii. Draw this person's budget constraint (I will be able to do this with a confirmation on my answer for part i.)
iii. Draw on the same graph the indifference curves associated with u=6000, u=6400 and u=6800
iv. Find the utility maximizing combination of income and leisure. How many hours will this person work?
v. Imagine the wage rate increases to $8 per hour. Will this person work more hours?
Should dental offices be accredited similar to the standards that hospitals are?
State the market for overnight loans Overnight interest rates are rates for loans over a single night - these are the shortest of all interest rates. During the day, banks norm
i want a project topics in macroeconomics
The following is the information from the national income accounts for a hypothetical country: GNP Rs. 5000.00
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
How do countries grow Economic growth? Economic growth is attaining by increasing: • Quantity of resources by investment • Quality of resources by training as well as R
Determine the current productivity results for the non-farming business sector and the manufacturing sector. Discuss recent productivity and cost trends and make predictions for th
Revenue Maximisation Assignment Help Objectives of the Firm - Baumol''s Model of Sales Revenue Maximisation Baumol''s Model of Sales Revenue Maximisation Baumol presented sales r
When a country abandons its national currency and adopts the currency of the United States, this is known as: A) A floating exchange rate system. B) Dollarization. C) A speculat
Over the past few years there has been much concern about falling housing prices, and some policy makers have argued that the government should put a floor under prices so that the
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd