what is the budget line for consumption and leisure if a person faces a constant wage of $5 per hour , there are 168 hours in the week to work,and she received non-labor income of 200 per week

Q: Suppose your weekly allowance from your parents is $100 and your part-time job pays $10 per hour.…

A: The slope of the line representing the relationship between hours worked per week and income per…

Q: Solve the attachment

A: The marginal rate of substitution is an economic measure that is used to compute the trade-off made…

Q: Jesse's utility function is given by U(L, C) = C(L+8). There are 16 hour in a day. His wage is…

A: GIVEN   U ( L , C ) = C ( L + 8 )  MRS = L + 8 / C

Q: The graph below shows the budget constraint between income and leisure for an individual. The…

A: A budget constraint is defined as the combination of all the goods and services that a consumer can…

Q: Terry’s utility function over leisure (L) and other goods (Y ) is U(L, Y ) = Y + LY. The associated…

A: Terry’s utility function over leisure (L) and other goods (Y ) is U(L, Y ) = Y + LY. The associated…

Q: Jack paid $13.75 to buy 3 slices of pizza and 4 hot dogs at a concession stand. Sarah paid $9.75 to…

A: A system of equations is frequently used in economics to model and examine different economic…

Q: consumption of income is $390 and APC is 0.34

A: APC is the Average Propensity to Consume Formula: APC = C/Y where, APC = Average Propensity to…

Q: Charles lives in New York City and loves to eat desserts. He spends his entire weekly allowance on…

A: The utility is maximum at the marginal utility per dollar is equal and in other words, the MRS is…

Q: (Short Answers) 1. Jie works in a university. He can work as many hours as he wishes at a wage rate…

A: Budget line is the fancy term for the maximum amount of products or services one can get within the…

Q: Find APC if consumption is $300 and income is $3000

A: The information being given is:- Consumption = $300 Income = $3000 APC = ?

Q: J 4 a. Define an Indifference Curve (IC)

A: In today's microeconomics, indifference curves are utilised to show consumer preferences and…

Q: a) Chika has calculated the marginal utility that she derives from her paid employment and from…

A: Chika will assign each extra hour to the activity that provides a greater marginal utility. Marginal…

Q: write it out please

A: An indifference curve is a graphical representation that shows various combinations of income and…

Q: just subparts d, e and f please

A: d)If the consumer wage rate increases to $50, the consumer budget line becomes: C = 50(80 - L) +…

Q: Suppose that there are, at most, 112 hour of leisure each week. In a fully labeled diagram in…

A: ANSWER     Vertical intercept = Maximum number of hours available * wage rate Horizontal intercept =…

Q: A consumer earns a wage of 20 dollars per hour and has an unearned income of $100 per day. What…

A: wage rate = $20 per hour unearned income = 100

Q: Suppose you earn an income of $50000 a year. You purchase the bundle of goods and services on your…

A: A budget constraint is a concept used in economics to describe the total number of products you can…

Q: Rhoda’s preferences for consumption and leisure can be expressed as U(C, L) = (C - 100) × (L - 40).…

A: Optimal consumption is when MUL / MUC = w Where, MUL = Marginal utility of leisure  MUC = Marginal…

Q: 5. Cindy gains utility from consumption C and Leisure L. Then most leisure she can consume in any…

A: a)Given, leisure = 110 hours Amount Cindy receives, C = $660 Marginal rate of substitution = C/L =…

Q: puppose Leela can afford exactly 10 pencils and 4 erasers when the prices are $1 per pencil and $5…

A: Given: Price Quantity: Price of pencil=$1 Price of eraser=$5 Number of pencils Leela can afford=10…

Q: Joko is a university student, working part-time at copying service center for Rp. 8/hour with zero…

A: The utility is the level of satisfaction which is derived from the labor income which is derived…

Q: SUBSTITUTION AND INCOME EFFECTS OF A WAGE INCREASE When the wage rate increases from $10 to $30 per…

A: The backward-bending labor supply curve is an economic concept that describes a situation where…

Q: Terry’s utility function over leisure (L) and other goods (Y) is U (L, Y) = Y + LY. The associated…

A: U(L,Y) = L+LY MUY=1+L MUL=Y Price of good=$1

Q: Find consumption if income is $300 and APC is 0.43

A: The information being given is:- Income = $300 Average propensity to consume = 0.43 We have to…

Q: Problem Set 1. A firm's production function is º=50L – 0.012 , where L denotes the size of the…

A: Note: Since more than one individual questions are asked, we are going to answer the first question…

Q: Would a wage increase or overtime guarantee higher hours of work? Explain and use graphs.

A: Labor market equilibrium refers to the point at which the supply of labor by workers matches the…

Q: Consider the following labor-leisure choice model. Utility function over consumption (C) and leisure…

A: When the prices of all other inputs and outputs are held constant, the substitution impact of a pay…

Q: Bob lives in San Diego and loves to eat desserts. He spends his entire weekly allowance on pudding…

A: Marginal rate of substitution can be explained as the rate at which a consumer is willing to give up…

Q: = A. Consider a consumer whose preferences can be represented by Cobb-Douglas utility function u(x1,…

A: Given  Consumer utility function: u(x1,x2)=x113x223                  .......(1) The price of good 1…

Q: Refer to the following diagram. Point A is 24 hours, C is 14 hours, D is 8 hours, and E is 6 hours.…

A: Consumption – Leisure Model: In this model the household determine how he allocate his time between…

Q: Jack's marginal utility of consumption is MUc = L - 6, and the marginal utility of leisure is…

A: The budget constraint that the Jack faces is :- pC =  w (150 - L )  here assume p = 1  and the 150 -…

Q: There are two consumers, Cindy and Shelly. Cindy’s marginal rate of substitution equals C/L.…

A: Consumption-leisure choice model: Individuals need to trade-off between how many hours to work and…

Q: Sharon spends her time (16h) between leisure (L) and work and he consume Y product from his working…

A: A firm’s willingness to pay for each unit of labor it wishes to hire is shown by the labor demand…

Q: Find the income when the quantity is given as $441 and the price is given as $209

A: The income of an individual or firm selling goods and services is the revenue earned from the sale…

Q: Jones, without a job or job prospects, has been on social assistance for the past four months.…

A: Given:- Jones welfare benefit:B=600-0.75E Hourly wage=$11 To calculate:- Jones total income=?…

Q: Please help me find the marginal rate of substitution.

A: Marginal rate of substitution(MRS) is the amount of a product that a customer is ready to use in…