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  • Card 6 / 12:
    Siddhartha has 50 hours per week to devote to work or leisure. He has been working for $8 per hour. Based on the information in , calculate his utility-maximizing choice of labor and leisure time.

    This problem is straightforward if you remember leisure hours plus work hours are limited to 50 hours total. If you reverse the order of the last three columns so that more leisure corresponds to less work and income, you can add up columns two and five to find utility is maximized at 10 leisure hours and 40 work hours:

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Questions & Answers

what are the causes of scarcity
Herieth Reply
meaning of economc system
Herieth
what are the principle of economics
Lumen Reply
The question is not straight
Muafue
How do you manage the exchange rate between local and foreign currency
Florence
How does the exchange rate impact production in developing countries
Florence
The appreciation promotes imports substitutions production but devaluation promotes exportable production .As LDCs have unelasticity production factors the devaluation would likely promote the nontradeable goods sector.
wael
what if there's no intervention in an Economy where there is increase in money supply
Florence
What is economic problem?
benard Reply
economic problem basicaly three types whom to produce, what to produce , How to produce you have called choice of commodity also it called central problem of economic
Shad
basic theory about economics
Areeba Reply
what is economics? Define
Shad Reply
A science that studies about human behavior as a relationship between ends and scarce means that have alternative uses,all other things being equal
Oduro
the management and effective use of limited resources to acheive maximum satisfaction of human material wants
Lesedi
is the study of mankind in ordinary business of life by marshall
Herieth
what is decision making
patience Reply
Q=6L-0.5L^2 where Qis no. of car washed and L is the no. of labours. P of each wash is 500 rs and wage =500/labour .as a rational person how many labour will we hire.
Lokesh Reply
given Q¢y=500-0.5Py-2.3pw+0.2Px+0.000001Pz+0.0037i provided that ;Py=30000:Qy=15000; income=60000 1•find price elasticity 2•income elasticity of demand 3•interpret your results 4•from income elasticity of demand what type of product would (y )be{luxury or necessity good}
Samson Reply
Price elasticity= dQd/dP * P/Q
The
PW is= what
The
determinants of demand
Tanka Reply
low of supply and demand
Arti
taste and preferences consumers income price of related goods number of buyers
Lesedi
how to e valuate return to scale?
Abdulkerim Reply
pls can you make all the defination to be in an orderly manner in demand and supply
Fule Reply
Demand refers to the quantity of goods and services consumers are willing and able to purchase at each conceivable price at a given time period.
Abraham
supply is the quantity of goods producers are willing and able to make available for sale at each possible price in a given time
Lesedi
please what is decision and choice making and how relevant is the concept of choice to household and government
Aisha Reply
choice can help you go in for more cheaper good for example you go to a store to buy chocolate you notice it cost 100 then you decide to go to another you see that chocolate cost 75 so you decide or choose to buy were is more cheaper
Fule
choice also help you to manage your household is choosing good which are necessary
Fule
Processes to long run equilibrium under monopolistic competition
Keem Reply
Its the relationship between households and firm in economics
Nida Reply
please what is decision and choice making and how it is relevant to the concept of choice
Aisha
introductory of micro economic
Raj Reply

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Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
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