Please help with #8 and #9thank you 7. Utility maximization questionRoss Geller is an archeologist who works for a museum, and he has preferences overleisure and consumption such that his utility U=f(C,L)=C1/3L1/2. He earns $15/hr andhas stock dividends that bring in $40/day. If T-24 hours, what is the optimalamount of leisure that Ross should use each day, L*?a. 16 hoursb.8 hourspounds Sic. 12 hoursd. 24 hours8. Now imagine that Ross gets a raise to $37.50/hr, but otherwise nothing haschanged. What is his new choice of leisure, L*'?a. 5 hoursb.English (United States)10 hoursc. 15 hoursd. 20 hoursI9. Using your answers to #7 and #8, what is Ross Geller's elasticity of labor supplied?That is, what is: (%ALabor) / (%Awage)a. 0.5b. 1c. 1.5d. 2Focus

Utility maximizing condition is MUL / w = MUCWhere MUL is marginal utility from leisure, MUC is…

7. Utility maximization question Ross Geller is an archeologist who works for a museum, and he has preferences over leisure and consumption such that his utility U=f(C,L)=C¹/3L1/2. He earns $15/hr and has stock dividends that bring in $40/day. If T-24 hours, what is the optimal amount of leisure that Ross should use each day, L*? a. 16 hours b. 8 hours c. 12 hours d. 24 hours 8. Now imagine that Ross gets a raise to $37.50/hr, but otherwise nothing has changed. What is his new choice of leisure, L**? a. 5 hours b. 10 hours c. 15 hours d. 20 hours I 9. Using your answers to #7 and #8, what is Ross Geller's elasticity of labor supplied? That is, what is: (%ALabor) / (%Awage) a. 0.5 b. 1 c. 1.5 d. 2

7. Utility maximization question Ross Geller is an archeologist who works for a museum, and he has preferences over leisure and consumption such that his utility U=f(C,L)=C¹/3L1/2. He earns $15/hr and has stock dividends that bring in $40/day. If T-24 hours, what is the optimal amount of leisure that Ross should use each day, L*? a. 16 hours b. 8 hours c. 12 hours d. 24 hours 8. Now imagine that Ross gets a raise to $37.50/hr, but otherwise nothing has changed. What is his new choice of leisure, L**? a. 5 hours b. 10 hours c. 15 hours d. 20 hours I 9. Using your answers to #7 and #8, what is Ross Geller's elasticity of labor supplied? That is, what is: (%ALabor) / (%Awage) a. 0.5 b. 1 c. 1.5 d. 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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