Exercise 3. Labor Supply (Cobb-Douglas) Each day you are endowed with 24 hours of time (T=24) that you can either spend working (L) or in leisure (l), so that T = L + l. The reason for working is so that you can earn an hourly income, w, and afford consumption of good, c. Assume that the price of the consumption good is normalized to one (p=1), so that your consumption is constrained by your wage income: c= WL a) You value both consumption, c, and leisure, l, and each day you cannot do without either one. Your daily utility is u =cl2. What is the MRS between consumption and leisure? b) Since your time constraint is T = L +l, then L=T-l. And since your budget constraint is CE WL, then c = w(T-). Rearranging you have c + wl = wł. The price of consumption is 1, the price of leisure is w, and the value of your time endowment is WT. Can you derive the labor supply? c) When the wage rate is w=10, what is c, l, and L? When the wage rate is w'=20, what is c', l', and L? When the wage rate is w"=30, what is c", l", and L"? d) In a graph with leisure on the horizontal axis, and consumption in the vertical axis, draw the budget constraint as it changes is w, w' and w", and label the three optimal bundles (c, ) that you found in part c. e) As the wage rate changes from w=10 to w'=20, can separate the substitution and endowment income effect for leisure?

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

Kendrick is leaving his current position at a company, and charlize is taking over. kendrick set up his powerpoint for easy access for himself. charlize needs to work in the program that is easy for her to use. charlize should reset advanced options

An arithmetic progression involves the addition of the same quantity to each number.which might represent the arithmetic growth of agricultural production