Answer:
Explanation:
U(C, L) = (C – 100) × (L – 40)
(a) C = (w - t)[110 - L] + 320
C = 10[110 - L] + 320
C + 10L = 1420
where,
C- consumption
w - wages
t - taxes
L - Leisure
(b) Given that,
L = 100 then,
C = 420
= 5.33
(c) L = 110
C = 320
Reservation wage:
= 3.14
(d) At optimal level,
C - 100 = 10L - 400
C - 10L = -300
C = 10L - 300
Using budget constraint:
C + 10L = 1420
10L - 300 + 10L = 1420
20L = 1720
L* = 86 and C* = 560
Based on the scenario above, the answer is trade deficit.
This is considered to be an economic measure in terms of international trade in
which the imports of the country are exceeded than of the country’s exports.
This is known to be the trade’s negative balance.
Answer:
Allocate existing resources more efficiently among competing uses.
Explanation:
The main goal of resource development is to find ways that allocate resources more efificiently, to spread the available resources in a way that maximizes economic and social benefit taking into account the different competing uses.
Resource development does not necessarily promote central planning because it can make use of market strategies to achieve its goal, and it cannot increase the amount of resources available as well, because these are determined by the natural endownment that each area has.
<span>Answer:
On average, hotel guests who take elevators weigh about 150 lbs with a standard deviation of about 35 lbs. An engineer is designing a large elevator for a convention hotel, to lift 50 such people.</span>
The answer is False
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