Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Consumption spending

I am stuck on a problem and can use some help with a detailed solution.

A utility function of a worker is U(C,L) = C * L where C is Consumption and L is Leisure

If the worker has a weekly income of $600 and has 70 hours a week of Leisure, how many additional dollars of income would it take to make the worker work 10 more hours a week?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M928003

Have any Question? 


Related Questions in Business Economics

Discuss how the coase theorem provides an alternative to a

Discuss how the Coase Theorem provides an alternative to a government regulation and provision of services. How is the definition of private property a critical part of this analysis? Please explain in detail.

The mission statement for quaker oats cites its origins

The mission statement for Quaker Oats cites its origins, “inspired by the power and wholesome goodness of the amazing oat.” Frito-Lay looks a little more to the present, citing its mission “To be the world’s favorite sna ...

Fairfield homes is developing two parcels near pigeon fork

Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising approaches, it uses different media to reach potential buyers. The mean annual family income for 15 people mak ...

The three factors that affect elasticity are the

The three factors that affect elasticity are the availability of substitutes, percentage of the customer’s budget, and the time period of adjustment. Explain how each of the factors would or would not affect the price el ...

Prepare a balance sheet for alaskan strawberry corp as of

Prepare a balance sheet for Alaskan Strawberry Corp. as of December 31, 2016, based on the following information: cash = $206,000; patents and copyrights = $860,000; accounts payable = $283,000; accounts receivable = $26 ...

Sarah has a saving account with a 1000 balance that earns 3

Sarah has a saving account with a $1,000 balance that earns 3% APY. She decides to withdraw the entire balance to buy a laptop computer. What will be her opportunity cost in buying the laptop? a. the cost of the laptop b ...

How to create a business plan for a public company like

How to create a business plan for a public company like Wal-Mart, Delta, Pepsi, Disney, Coca-Cola Etc. A. You must introduce a new product/service, and/or market. B. This will required you to create new business initiati ...

A survey of 200 college graduates who have been working for

A survey of 200 college graduates who have been working for at least 3 years found that 90 owned only mutual funds, 20 owned only stocks, and 70 owned both.   a) What is the probability that an individual owns a stock? A ...

1 explain why adding a switch makes the network perform

1) Explain why adding a switch makes the network perform better in terms of throughput and delay. 2) We analyzed the collision counts of the hubs. Can you analyze the collision count of the"switch"? Explain your answer.

Define the process groups and knowledge areas included in

Define the process groups and knowledge areas included in the portfolio management process and explain what happens in each area. How do these areas interact with one another as a group?

  • 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