Economics Answers

The total earnings of a worker are represented by E = 100 + $10(24−L), where E is earnings and L is the number of hours of leisure. How many hours of leisure are consumed if this worker's total earnings are $160? Show solutions.

The total earnings of a worker are represented by E = 100 + $10(24−L), where E is earnings and L is the number of hours of leisure. How much will the worker earn if he takes 14 hours of leisure per day? Show solutions.

A consumer must divide P6,000 between the consumption of product X and Y. The relevant market prices are Px= P100 and Py= P400.

a. Write the equation for the consumer's budget line.

b. Illustrate the consumer's opportunity set in a carefully labeled diagram.

c. Show how the consumer's opportunity set changes when the price of good X increases to P200. How does this change alter the market rate of substitution between goods X and Y?

A consumer has P3,000 to spend on goods x and y. The market prices of these two goods are Px = P150 and 3y = P50.

a. What is the market rate of substitution between goods X and Y? 

b. Illustrate the consumer's opportunity set in a carefully labeled diagram.

c. Show how the consumer's opportunity set changes if income increases by P3,000.

Every point on the long run average cost curve is a tangancy point with some short run marginal cost curve and that there are infinite number of short run marginal cost curves

Draw a graph showing how marijuana legalization might affect the supply and demand curves in the market for beer in Washington and explain why you think such changes to the beer market would happen.

Explain the realist point of views on the actions taken by World Trade Organization in regulating and maintaining the Genetically Modified Foods and Organisms (GMOs).

what role did the international monetary fund play in resolving the Asian financial crisis in 1997-1998?

Reaping the returns example

In an economy with 200 million people, 120 million hold jobs and 30 million are not working butare looking for jobs. The number of people in the labor force is _______________.

A. 200 million.

B. 80 million.

C. 150 million.

D. 90 million.