For whom were the first ready-to-wear suits made in America?

Shelly’s preferences for consumption and leisure can be expressed as U(C, L) = (C – 100) * (L – 40). This utility function impli

ludmilkaskok [199]

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

$MRS=\frac{MU_{L} }{MU_{C} }$

$MRS=\frac{C-100 }{L-40}$

$MRS=\frac{320}{60}$

= 5.33

(c) L = 110

C = 320

Reservation wage:

$MRS=\frac{C-100 }{L-40}$

$MRS=\frac{220}{70}$

= 3.14

(d) At optimal level,

$\frac{C-100}{L-40}=\frac{10}{1}$

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

4 0

3 years ago

Although the unemployment rate is the single best indicator of how well the labor market is working, we discussed in class that

shepuryov [24]

The unemployment rate is not considered to be a complete measure because it does not count discouraged workers.

<h3>How is the unemployment rate calculated?</h3>

The unemployment rate includes only people who are still actively searching for work and they have to be in the labor force.

People who have looked for jobs for a while and then got discouraged and given up, are not counted as unemployed which therefore depresses the unemployment rate.

Find out more on the unemployment rate at brainly.com/question/13280244.

#SPJ12

5 0

2 years ago

Si tuvieras que decidir por pagar un artículo, ¿cuál de estas formas de pago escogerías, pagar en efectivo, pagar con tarjeta de

dexar [7]

Answer:

Possitife thinking

Explanation:

Bella Dally

5 0

3 years ago

What role do pawnshops playy in American economy

RUDIKE [14]

Getting rid of old stuff to people who want it instead of throwing it away.

4 0

3 years ago

Problem 2-15 (Algorithmic) Life Insurance (LO 2.8) Sharon transfers to Russ a life insurance policy with a cash surrender value

skelet666 [1.2K]

Answer:

$38,440

Explanation:

Calculation to determine How much of the proceeds, if any, is taxable to Russ

Face value of policy $74,400

Less: Cash Surrender value ($24,800)

Less: Premium paid ($11,160)

Taxable Proceeds $38,440

Therefore the taxable Proceeds are $38,440.

6 0

3 years ago