Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Solving labour function

Susan's utility function is U=(x+y)R^2; where x and y are the quntities of goods X and Y that she comsumes, and R is the number of hours of leisure that she has per day. Good X costs $4 and good Y costs $2 per unit. Her wage rate is $8 per hour nad she has 15 hours per day to allocate between labor and leisure.
She will:

a. consume equal amounts of X and Y

b. consume 10 units of units X

c. consume 20 units of Y

d. work 10 hours a day

e. consume twice as much of good X as of good Y

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M924244

Have any Question? 


Related Questions in Business Economics

An investment has an expected return of 12 percent per year

An investment has an expected return of 12 percent per year with a standard deviation of 24 percent. Assuming that the returns on this investment are at least roughly normally distributed, how frequently do you expect to ...

1-2 page essay describing the obligations of corporate

1-2 page essay describing the obligations of corporate directors to a business corporation. In your essay discuss the different duties that active and inactive directors have with respect to the business corporations ope ...

The current structure of healthcare coverage in the united

The current structure of healthcare coverage in the United States has a combination of employer-based coverage and public program (e.g., Medicare, Medicaid) coverage, with a large uninsured population. If a single-payer ...

We define real exchange rate as the relative price of

We define real exchange rate as the relative price of domestic goods to foreign goods in domestic currency and we define nominal exchange rate as the amount of domestic currency necessary to exchange for 1 unit of forein ...

Albright motors is expected to pay a year-end dividend of

Albright Motors is expected to pay a year-end dividend of $0.75 a share (i.e., D1 = $0.75). The stock currently sells for $44 a share. The required rate of return on the stock is 10%. The dividend is expected to grow at ...

Internal rate of return peace of mind inc pmi sells

Internal rate of return Peace of Mind, Inc. (PMI), sells extended warranties for durable consumer goods such as washing machines and refrigerators. When PMI sells an extended warranty, it receives cash up front from the ...

Truefalse with explaination1 if two people spend the same

TRUE/FALSE WITH EXPLAINATION 1) If two people spend the same amount of money for a day at Disneyland (pay the same price for admission, pay the same amount for parking, etc.), then they have the same opportunity cost of ...

The federal reserve and monetary policy visit the the

"The Federal Reserve and Monetary Policy" Visit the The Business News and please respond to the following: Part 1 What is the mission and legal mandate of the Federal Reserve System? What policy tools are available to th ...

Aggregate expenditure is the total amount of spending in

Aggregate expenditure is the total amount of spending in the economy that determines the level of the GDP. Components of aggregate expenditure are autonomous expenditure, planned private investments, government expenditu ...

A what is the numerical value of the saving rate maximizes

a) What is the numerical value of the saving rate maximizes steady state output per effective worker? Clearly explain why households would have a problem with this saving rate. b) In the steady state, what are the growth ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate