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Calculation of Optimum Combination of Consumption and Leisure

eBook (PDF), 4 Pages
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Price: $5.99
"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? "
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Product Details

Published
May 22, 2013
Language
English
Pages
4
File Format
PDF
File Size
484.92 KB

Formats for this Ebook

PDF
Required Software Any PDF Reader, Apple Preview
Supported Devices Windows PC/PocketPC, Mac OS, Linux OS, Apple iPhone/iPod Touch... (See More)
# of Devices Unlimited
Flowing Text / Pages Pages
Printable? Yes
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