Suppose Gil can write a poem in 1 hour, Holly can write a poem in 2...
Suppose Gil can write a poem in 1 hour, Holly can write a poem in 2 hours, and Ivan can write a poem in 3 hours. Each person spends 12 hours per day writing poems and requires a wage of $10 per hour to do so. How much more would it cost a literary magazine to commission 19 poems per day than 18 poems per day?
A) $30
B) $20
C) $190
D) $10
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Suppose Gil can write a poem in 1 hour, Holly can write a poem
in 2...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wa...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. (a) Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day....
Suppose that Shouldice Hospital has 90 beds and 5 operating rooms. Each operation takes 1 hour,...
Suppose that Shouldice Hospital has 90 beds and 5 operating rooms. Each operation takes 1 hour, and the operating room can be used only for 8 hours per day from Monday to Friday, and it cannot be used on weekends (unless specified otherwise). Furthermore, each doctor can perform up to 4 surgeries a day. Assume that there is sufficient capacity for assistant doctors (i.e., assistant doctors are not bottlenecks). Show your work. Suppose that each patient spends 1 day in...
Suppose that Shouldice Hospital has 90 beds and 5 operating rooms. Each operation takes 1 hour,...
Suppose that Shouldice Hospital has 90 beds and 5 operating rooms. Each operation takes 1 hour, and the operating room can be used only for 8 hours per day from Monday to Friday, and it cannot be used on weekends (unless specified otherwise). Furthermore, each doctor can perform up to 4 surgeries a day. Assume that there is sufficient capacity for assistant doctors (i.e., assistant doctors are not bottlenecks). Show your work. Suppose that each patient spends 3 days in...
3. Suppose an individual has a utility function U=U(M, X)=10 MX^2, where U is her utility,...
3. Suppose an individual has a utility function U=U(M, X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX', where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours...
Suppose I am asked to write a 50-page document. I have looked at the requirements and...
Suppose I am asked to write a 50-page document. I have looked at the requirements and determine that I can write five pages per day for 10 days. I explain to the customer that I earn $10 per hour, and we agree that I will work 10 hours per day. However, I am paid for the number of hours I work and I report the number of pages I write each day, the hours worked, and the cost. Day #1-->...
19. Consider a household where the husband can earn a market wage of $15 per hour...
19. Consider a household where the husband can earn a market wage of $15 per hour and has a marginal productivity in the household that is the equivalent of $12. The wife can earn a market wage of $20 and has a marginal productivity in the household that is the equivalent of $15. Suppose initially that their marginal household productivities do not depend on the time that the other spouse spends at home. 19a. If the couple decides to have...
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour....
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour. Draw Chilhong's budget line in a diagram with leisure and labor supply on the horizontal axis and income per day on the vertical axis. Say Chilhong chooses to earn W 100,000 per day. How much is Chilhong's leisure at the equilibrium? 1. 2. How much is Chilhong's labor supply at the equilibrium? Now suppose there is a negative income...
Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts....
Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee in an hour or gather 4 pounds of nuts. Each works 6 hours per day a. What is the maximum number of pounds of coffee the two can pick in a day? b. What is the maximum number of pounds of nuts the two can gather in a day? c. Suppose Susan and Tom were picking the...
3. Suppose an individual has a utility function U=U(M,X)=10 MX^2, where U is her utility, M...
3. Suppose an individual has a utility function U=U(M,X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX, where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours for...
Takashi has non-labor income from his investments of I= $80 per day, and can earn an...
Takashi has non-labor income from his investments of I= $80 per day, and can earn an hourly wage at his job of $30 per hour. Assume Takashi can work (or not work) as much as 24 hours in a day. a. Write a formula for Takashi’s budget constraint as a function of L (leisure hours) and C (consumption spending per day).Draw a diagram showing this budget constraint. b. Suppose Takashi’s utility function is given by U = 2lnL+ lnC, where...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. (a) Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day....
3. Suppose an individual has a utility function U=U(M, X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX', where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours...
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour. Draw Chilhong's budget line in a diagram with leisure and labor supply on the horizontal axis and income per day on the vertical axis. Say Chilhong chooses to earn W 100,000 per day. How much is Chilhong's leisure at the equilibrium? 1. 2. How much is Chilhong's labor supply at the equilibrium? Now suppose there is a negative income...
Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee in an hour or gather 4 pounds of nuts. Each works 6 hours per day a. What is the maximum number of pounds of coffee the two can pick in a day? b. What is the maximum number of pounds of nuts the two can gather in a day? c. Suppose Susan and Tom were picking the...
3. Suppose an individual has a utility function U=U(M,X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX, where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours for...
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