SM3 For questions 7 - 12: Ashley's preferences for consumption and leisure can be expressed asU(C, L) = (C-50) *(L-20).This utility function implies that Ashley's marginal utility of leisure is C - 50 and her marginal utility of consumption is L-20. There are 100 hours in a week available for work and leisure. Ashley earns $10 per hour. She also receives $350 worthof welfare benefits each week regardless of how much she works.7. The slope of Ashley's budget line isA. 10B. 2079. Ashely's reservation wage isA. 3.75B. 4C. -10J8. When L = 90 and she is on her budget line, the marginal rate of substitution isA. 4.92B. 5.71C. 6.13D. 7.44C. 4.25B. 11.50 hoursD. -20and leisure isC. 550; 8010. Ashely's optimal amount of consumption isA. 650; 70B. 600; 7511. If government offers extra $125 subsidy and collects 50% payroll tax, Ashely willA. remain in; increaseB. remain in; decrease C. exit; increaseD. 4.5D. 500; 85labor force and her utility willD. exit; decreaser12. Base on question 11, if Ashely find a job that offers her $20 per hour salary, the substitute effect of higher income onlabor hours isA. 0 hourC. 15.50 hoursD. 18.75 hours

For questions 7 - 12: Ashley's preferences for consumption and leisure can be expressed as U(C, L) = (C-50) *(L-20). This utility function implies that Ashley's marginal utility of leisure is C - 50 and her marginal utility of consumption is L -20. There are 100 hours in a week available for work and leisure. Ashley earns $10 per hour. She also receives $350 worth of welfare benefits each week regardless of how much she works.

For questions 7 - 12: Ashley's preferences for consumption and leisure can be expressed as U(C, L) = (C-50) *(L-20). This utility function implies that Ashley's marginal utility of leisure is C - 50 and her marginal utility of consumption is L -20. There are 100 hours in a week available for work and leisure. Ashley earns $10 per hour. She also receives $350 worth of welfare benefits each week regardless of how much she works.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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