Suppose Gil can write a poem in 1 hour, Holly can write a poem in 2 hours, and Ivan can write a poem in 3 hours. Each person spends 12 hours per day writing poems and requires a wage of $10 per hour to do so. How much more would it cost a literary magazine to commission 19 poems per day than 18 poems per day?
A) $30
B) $20
C) $190
D) $10
Suppose Gil can write a poem in 1 hour, Holly can write a poem in 2...
Leisure-labour choice 1. Mr. Cog works in a machine factory. He can work as many hours per day as he wishes at a wage rate of w. Let C be the number of dollars he spends on consumer goods and let R be the number of hours of leisure that he chooses. (a) Mr. Cog earns $8 an hour and has 18 hours per day to devote to labor or leisure, and he has $16 of nonlabor income per day....
Suppose that Shouldice Hospital has 90 beds and 5 operating rooms. Each operation takes 1 hour, and the operating room can be used only for 8 hours per day from Monday to Friday, and it cannot be used on weekends (unless specified otherwise). Furthermore, each doctor can perform up to 4 surgeries a day. Assume that there is sufficient capacity for assistant doctors (i.e., assistant doctors are not bottlenecks). Show your work. Suppose that each patient spends 1 day in...
Suppose that Shouldice Hospital has 90 beds and 5 operating rooms. Each operation takes 1 hour, and the operating room can be used only for 8 hours per day from Monday to Friday, and it cannot be used on weekends (unless specified otherwise). Furthermore, each doctor can perform up to 4 surgeries a day. Assume that there is sufficient capacity for assistant doctors (i.e., assistant doctors are not bottlenecks). Show your work. Suppose that each patient spends 3 days in...
3. Suppose an individual has a utility function U=U(M, X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX', where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours...
Suppose I am asked to write a 50-page document. I have looked at the requirements and determine that I can write five pages per day for 10 days. I explain to the customer that I earn $10 per hour, and we agree that I will work 10 hours per day. However, I am paid for the number of hours I work and I report the number of pages I write each day, the hours worked, and the cost. Day #1-->...
Part II Suppose that Chilhong's total time endowment is 24 hours and the given wage rate is W 10,000 per hour. Draw Chilhong's budget line in a diagram with leisure and labor supply on the horizontal axis and income per day on the vertical axis. Say Chilhong chooses to earn W 100,000 per day. How much is Chilhong's leisure at the equilibrium? 1. 2. How much is Chilhong's labor supply at the equilibrium? Now suppose there is a negative income...
19. Consider a household where the husband can earn a market wage of $15 per hour and has a marginal productivity in the household that is the equivalent of $12. The wife can earn a market wage of $20 and has a marginal productivity in the household that is the equivalent of $15. Suppose initially that their marginal household productivities do not depend on the time that the other spouse spends at home. 19a. If the couple decides to have...
Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee in an hour or gather 4 pounds of nuts. Each works 6 hours per day a. What is the maximum number of pounds of coffee the two can pick in a day? b. What is the maximum number of pounds of nuts the two can gather in a day? c. Suppose Susan and Tom were picking the...
Suppose you are a salesperson working 50 weeks per year, five days a week, eight hours a day. You want to make $50,000 per year, which is based on a 10 percent commission of gross sales. How many hours of face time with customers can you expect in any given year (you can make an assumption like 40% time for face to face selling and 60% for non-selling activities)? How much will you have to generate in sales per hour...
3. Suppose an individual has a utility function U=U(M,X)=10
MX^2, where U is her
utility, M is her(daily) money income and x is her(daily)
leisure hours. Each
day, the individual needs 6 hours for sleeping and other
essential personal matters
3. Suppose an individual has a utility function U = U(M,X) = 10 MX, where U is her utility, M is her (daily) money income and X is her (daily) leisure hours. Each day, the individual needs 6 hours for...