subject
Business, 16.02.2022 04:20 jaleesalewis2008

Derive the Marginal Rate of Substitution between Consumption and Leisure for the following utility functions. a. K(CL) = 50 × C × L ( 2 points)
b. H(C, L) = 100 × C 2 × L 3 ( 2 points)
c. J(C, L) = 250 × ln(CL) (2 points) (d) U(C, L) = 120 × (ln(C 2 ) + ln(L))
d. There are 52 weeks in a year. Assume that the price of consumption is equal to 1 dollar per unit of consumption and that the wage is 1000 dollars per week. Assume that the individual receives 4000 dollars in non-labor income.

Required:
Determine which of the above utility functions represent the same set of preferences, and for those utility functions that represent the same set of preferences, determine the optimal bundle of consumption and leisure as well as the number of weeks worked.

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 13:00
What is the percentage change in price for a zero coupon bond if the yield changes from 6.56.5% to 5.55.5%? the bond has a face value of $1 comma 0001,000 and it matures in 1010 years. use the price determined from the first yield, 6.56.5%, as the base in the percentage calculation?
Answers: 2
question
Business, 22.06.2019 08:00
Why do police officers get paid less than professional baseball players?
Answers: 2
question
Business, 22.06.2019 10:40
Why do you think the compensation plans differ at the two firms? in particular, why do you think kaufmann’s pays commissions to salespeople, while parkleigh does not? why does parkleigh offer employees discounts on purchases, while kaufmann’s does not?
Answers: 3
question
Business, 22.06.2019 16:40
Match the situations that will develop one's personality and those that won't peter is surrounded by friends who are always encouraging him jonathan always watches television when he wants to take a break from his books libby sets small targets for herself and strives to achieve them. the smiths indulge in an animated discussion on varied topics every evening after dinner. brook loves junk food and exercises once in a while. develops your personality develops doesn't develop your personality
Answers: 2
You know the right answer?
Derive the Marginal Rate of Substitution between Consumption and Leisure for the following utility f...
Questions
question
Physics, 20.10.2020 20:01
question
Mathematics, 20.10.2020 20:01
question
Mathematics, 20.10.2020 20:01
Questions on the website: 13722367