From what I understand, LBC with work-leisure is c_1 + c_2 / (1+r) = w_1(h-l_1) + w_2(h-l_2) / (1+r). When I manipulate this equation, I get all three of them, which is perplexing since apparently not all of them are correct. 5. Consider the two-period lived consumer who can now choose to work. Suppose there is no government. Which of the following ways of writing the LBC arecorrect?(1) : c1 (1+ r) + c2 = wi (h – 1)(1+r) + w2(h – 12)(II) : C1 = wi(h – l1) + wi(h-l)(III) : wi (h – l4) + "x(h-4)(1+r)- C1 – = 0(1 mark) XYou scored 0/1 markA: Statement (1) only.B: Statement (II) only.C: Statement (III) only.D: Statements (I) and (II) only.E: Statements (I) and (III) only.F: Statements (I) and (III) only.G: All of the statements.H: None of the statements.

Answered: Image /qna-images/answer/410d69b5-13bc-41ae-8538-ddf94ef3f520.jpg

(1) : c1 (1 + r) + c2 = wi (h – 1)(1+r) + w2(h – 12) wi(h-l) (II) : c = wi(h –1)+ (III) : wi (h – l1) + "(h-4) (1+r) :- · C1 – = 0 (1 mark) X You scored 0/1 mark A: Statement (1) only. B: Statement (II) only. C: Statement (III) only. D: Statements (I) and (II) only. E: Statements (1) and (III) only. F: Statements (II) and (II) only. G: All of the statements. H: Nono of the ctatomonto

(1) : c1 (1 + r) + c2 = wi (h – 1)(1+r) + w2(h – 12) wi(h-l) (II) : c = wi(h –1)+ (III) : wi (h – l1) + "(h-4) (1+r) :- · C1 – = 0 (1 mark) X You scored 0/1 mark A: Statement (1) only. B: Statement (II) only. C: Statement (III) only. D: Statements (I) and (II) only. E: Statements (1) and (III) only. F: Statements (II) and (II) only. G: All of the statements. H: Nono of the ctatomonto

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

You are told that q = 12 can be produced by (L,K) = (5,6) and (L′,K′) = (4,5). Explain whether each of the following two statements is true, false, or uncertain. (a) (q, L, K) = (12, 5, 6) represents an efficient production plan. (b) (q, L′, K′) = (12, 4, 5) represents an efficient production plan.
You are a manager at Glass Incorporated—a mirror and window supplier. Recently, you conducted a study of the production process for your single-side encapsulated window. The results from the study are summarized in the following table and are based on the 8 units of capital currently available at your plant. Each unit of labor costs RM 60, each unit of capital is RM 20, and your encapsulated windows sell for RM 12 each. Labor L Capital K Output Q Marginal Product of Labor MPL Average Product of Labor APL Average Product of Capital APK Value Marginal Product of Labor VMPL 0 8 0 1 8 10 2 8 30 3 8 60 4 8 80 5 8 90 6 8 95 7 8 95 8 8 90 9 8 80 10 8 60 11 8 30…
Given the function X=(4K)^1/3(L)^2/3 where both capital K and labor Lare functions of z. Solve dX/dz in detail.
Suppose that a unit of capital costs three times as much as a unit of labor.If a firm currently has a technology such that MPK =50, MPL =30, how should this firm adjust its capital and labor choices?
Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote.
pls solve
Which among these production functions exhibit increasing returns to scale? (Clue: you should scale each input by a factor strictly greater than 1) Select one: a. F(K,L) = 12K + 8L b. F (K,L) = K^2+L^2 c. F (K,L) = K+4L^2 d. F (K,L) = K/L (ii) Suppose that the number of people employed is equal to 160.0 million. The number of people unemployed and looking for a job is 58 million. The number of people not in the labor force is 60 million. How much is the adult population participation rate? Select one: a. 78.4%. b. 26.6%. c. 73.75%. d. 37.5%. (iii) Which one is not considered as money Select one: a. Gold coins b. A subway token in a subway system c. Cigarettes in prisoner of war camps d. A cheque %3D
What is the trend in hours?
Suppose the labor cost (in dollars) for manufacturing a camera can be approximated by: L(x,y) = 2.8x² + 4.9y²-3x - 4y - 2.7xy +98 I where x is the number of hours required by a skilled craftsperson and y is the number of hours required by a semiskilled person. Find the minimum labor cost. Provide the solution with two decimal places.
Given the following aggregate production function: Y = K0.25 (AL) 0.75, where technology A grows at a fixed rate: = g> 0 (a) Obtain the marginal product of capital algebraically, also discussing the second derivative. (b) Transform the production function into efficiency-worker terms, showing how =ỹ depends AL on =k. K AL
Alexandro, a French national is working as a Manager in an international company in the United States. Alexandro supervises about twenty two product engineers and five technicians in an automobile manufacturing unit. The technicians and engineers report to Alexandro every Tuesday of the week to update of their work and Alexandro finds this very taxing and cumbersome (stressful). In fact, Alexandro proposed to introduce a paper-report system where all the employees he supervises can write and submit paper-based reports. But, the management rejected his idea citing more bureaucracy to which Alexandro told his immediate boss, "This is how we do it in France. It is the right way and perhaps this should be implemented here too." You understand that Alexandro has adopted: A. Stereotyping B. Ethnocentrism C. Cultural pluralism D. None of the above
A company uses raw materials (M) and energy (E) to produce its product. The marginal product of raw materials MPM = 65 and the marginal product of capital MPg = 40. For each set of per-unit prices of labor and capital given below, determine whether the company is minimizing its total cost. If it is not, determine the direction of factor substitution the firm should make in order to do so. 2.1 P = $11 and Pg = $19 2.2 PM = $28 and Pg = $10