A new truck was purchased for $180,000 by trading in a similar truck that had a book value of $55,200.September 23, 2020
The demand curve is given by QD 500 5PX 0.September 23, 2020
Sarah’s preferences for consumption and leisure can be expressed as U(C,L)=4C1/2L1/2. This utility function implies that her marginal utility of leisure is 2(C/L)1/2 and her marginal utility of consumption is 2(C/L)−1/2 .
There are 110 hours in the week available to split between work and leisure. Sarah earns $20 per hour after taxes. She also receives $400 each week in royalty payments from an oil well she owns.
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Sarah’s preferences for consumption and leisure can be expressed as U(C,L)=4C1/2L1/2. was first posted on September 23, 2020 at 5:53 pm.
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