Calculation of Optimum Combination of Consumption and Leisure

Business & Finance, Economics
Cover of the book Calculation of Optimum Combination of Consumption and Leisure by Homework Help Classof1, Classof1
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Homework Help Classof1 ISBN: 1230000135294
Publisher: Classof1 Publication: May 23, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000135294
Publisher: Classof1
Publication: May 23, 2013
Imprint:
Language: English

"Mike’s utility of consumption and leisure is U(C, L) =C*L, so that his marginal rate of substitution is C/L. There are 168 hours in the week and he earns $10 an hour.
a) What is his optimal combination of C and L?
b) If the government starts a welfare policy that pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
"

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

"Mike’s utility of consumption and leisure is U(C, L) =C*L, so that his marginal rate of substitution is C/L. There are 168 hours in the week and he earns $10 an hour.
a) What is his optimal combination of C and L?
b) If the government starts a welfare policy that pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
"

More books from Classof1

Cover of the book Preparation of Journal Entries for Catter Co. by Homework Help Classof1
Cover of the book Finding The Average Cost Function by Homework Help Classof1
Cover of the book Multiple Choice Questions on Market Research by Homework Help Classof1
Cover of the book Determination of Acidity and Hydrogen Ion Concentration by Homework Help Classof1
Cover of the book Profit Performance Effects by Homework Help Classof1
Cover of the book Application of System of Two Equations by Homework Help Classof1
Cover of the book Strength and Direction of the Linear Relationship by Homework Help Classof1
Cover of the book Fractions in Terms of LCM by Homework Help Classof1
Cover of the book Calculation of Equilibrium Price, Demand and Supply by Homework Help Classof1
Cover of the book Confidence Interval for Mean by Homework Help Classof1
Cover of the book Signals Used in Nonverbal Communication by Homework Help Classof1
Cover of the book Heteroskedasticity Robust Estimator by Homework Help Classof1
Cover of the book Micro Economics Schedule Using Transportation Model by Homework Help Classof1
Cover of the book Confidence Interval and Hypothesis Testing for Proportion by Homework Help Classof1
Cover of the book Calculation of Utility Maximization on Education by Homework Help Classof1
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy