Macroeconomics (9th Edition)
Macroeconomics (9th Edition)
9th Edition
ISBN: 9780134167398
Author: Andrew B. Abel, Ben Bernanke, Dean Croushore
Publisher: PEARSON
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Chapter 3, Problem 4AP

a.

To determine

To find: the change in person H’s supply of labor when the value of H’s home triples in an unexpectedly hot real estate market.

b.

To determine

To find: the change in person H’s supply of labor when she acquires skills that give her access to a higher-paying job.

c.

To determine

To find: the change in person H’s supply of labor when tax is increased on her income.

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Problem 2. If the consumer preference can be represented by a CES function with δ = 0.5, i.e. u(x, y) = x0.5 + y0.5. Let the prices and income be (px, py, w).  1. Set up the Lagrangian expression.2. Take the first-order conditions.3. Substitute into budget constraint to derive the optimal consumption bundles.
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