A. Draw a potential income constraint such that if T = 5, this person will not participate in the labour force. B. Draw a potential income constraint such that this person's full income is $9 and maximum utility is 10. This person will choose 1 hours of leisure. C. Draw a potential income constraint such that this person will choose to work 3 hours out of a maximum possible 8. In this case the person's full income is $ 9 and the wage rate is $ 3 This person achieves utility equal to 20 , and their MRS at the optimal combination is 1 10 C 9 8 7 CO 6 LO 4 3 2 1 U = 20 U = 10 0 1 2 3 4 5 6 7 8 9 10 l

A. Draw a potential income constraint such that if T = 5, this person will not participate in the labour force. B. Draw a potential income constraint such that this person's full income is $9 and maximum utility is 10. This person will choose 1 hours of leisure. C. Draw a potential income constraint such that this person will choose to work 3 hours out of a maximum possible 8. In this case the person's full income is $ 9 and the wage rate is $ 3 This person achieves utility equal to 20 , and their MRS at the optimal combination is 1 10 C 9 8 7 CO 6 LO 4 3 2 1 U = 20 U = 10 0 1 2 3 4 5 6 7 8 9 10 l

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Not use ai please

A. Draw a potential income constraint such that if T = 5, this person will not participate in the labour force.
B. Draw a potential income constraint such that this person's full income is $9 and maximum utility is 10. This person will
choose 1
hours of leisure.
C. Draw a potential income constraint such that this person will choose to work 3 hours out of a maximum possible 8. In this
case the person's full income is $ 9
and the wage rate is $ 3
This person achieves utility equal to
20
, and their MRS at the optimal combination is 1

10
C
9
8
7
CO
6
LO
4
3
2
1
U = 20
U = 10
0
1
2 3 4 5 6 7 8 9
10
l

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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