Let us denote John's daily hours of work by H, and his hours of leisure by N = 24 - H. Suppose that John's only source of income is wages for hours worked. He derives utility from leisure, N, and from the consumption of a composite good, Y. The price of Y is 1. John's utility function is U(Y, N) = In(Y) + In(N). (a) Suppose the wage rate is $30 per hour. Write down John's constraint with Y and N as the choice variables. (b) Continue to assume that the wage rate is $30. How many hours will he choose to work? How many units of Y will he consume? (c) Suppose the wage rate decreases to $10 per hour. How many hours will he choose to work? How many units of Y will he consume? (d) Continue to assume that the wage rate is $10, but now assume that John also receives non-labour income T. What should T be so that John would consumes half as many units of Y as in part (b)?

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Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.