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what is the budget line for consumption and leisure if a person faces a constant wage of $5 per hour , there are 168 hours in the week to work,and she received non-labor income of 200 per week

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

what is the budget line for consumption and
leisure if a person faces a constant wage of $5
per hour , there are 168 hours in the week to
work,and she received non-labor income of
200 per week

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(2) Production. (a) What is diminishing marginal rate of technical substitution (MRTS)? Show this graphically and mathematically. (b) What is the difference between diminishing marginal rate of substitution (MRS) and diminishing MRTS?
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could you answer part e please
Terry attends college and works part-time in a drug store. She can work up to 40 hours each week and is paid $9 per hour. The following table shows her utility from different levels of leisure and income. Refer to the attached picture for the table. 1. Fill in the Marginal Utility columns above. 2. What will be Terry’s total utility from both leisure and income when working 20 hours per week?
QUESTION 2 Which of the following is NOT a correct statement about marginal rate of substitution between leisure and consumption? MRS between leisure and consumption increases as leisure increases and consumption falls. MRS between leisure and consumption is the units of consumption goods needed to compensate a consumer when he is asked to work one unit of time so that he is as happy as before. MRS between leisure and consumption is the slope (absolute value) of indifference curves.
Megan used to work at the local pizzeria for $17,000 per year but quit in order to start her own deli. Last year, she paid $4,000 rent each month, $4,500 for employee payroll each month, and $1,500 for supplies each month. She was planning on selling $2,500 worth of furniture but ended up bringing the furniture to her new deli. She had total revenue of $150,000. She asked an accountant and an economist to calculate her annual costs. Accountant says cost is $120,000, and economist says her cost is $139,500. Accountant says cost is $139,500, and economist says her cost is $120,000. Accountant says cost is $10,000, and economist says her cost is $29,500. Accountant says cost is $30,000, and economist says her cost is $10,500.
Please help me find the marginal rate of substitution.