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Econ339 Asmt No . 2

 Econ339 Asmt No . 2 Essay

Economics 339, A01, CRN 12913 Assignment 2 Dr . M. Welling Nov 16, 2012 Assignments happen to be due at the outset of class on the due date. Make sure to use in least ½ page for every single diagram. 1 . (25 marks) Juanita comes utility from both amusement (L) and food (G). She has 18 hours every day which your woman can break down between amusement and preparing meals (H). Her capacity to prepare meals is described by the function G=g(H; X), and displays great but diminishing marginal output of H. a) (4 marks) Within a diagram with leisure around the horizontal axis, sketch Juanita's consumption collection (her possible combinations of food and leisure). b) (2 marks) What is the economic model of the incline of the possible set? Ans: slope provides the (negative of the) chance cost of one of spare time, in terms of food: the number of models of meals which must be given up if perhaps Juanita usually spends an additional hour in leisure rather than preparing food. c) (4 marks) Juanita selects to spend one quarter of her time in leisure time. In the picture in (a), show that is her optimal decision, and reveal the trademark her period. Ans: will need an not caring curve tangent to the finances line at leisure sama dengan 18/4 = 4. five. Remainder of your energy is put in in home production. Right now suppose that Juanita is able to embark on paid career as well as enjoyment and homework. Paid job offers her a salary of $12 per hour; with this salary she should buy food by a unit value of $6. 00. If Juanita usually spends all her time creating food at home, she can produce 15 units of food; her initial unit of your time spent in home production produces more than two units of food. d) (5 marks) Within a new diagram, illustrate the feasible set that Juanita faces at this point. Identify her optimal time allocation and explain how you determined this kind of. Ans: optimal amount of leisure is determined by the tangency of an indifference curve plus the boundary with the new possible set (the new " budget line”). If Juanita spends a while in the market in...

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