Suppose that the consumers preferences are given by the utility function U(C, l) = ln C +
Question:
Suppose that the consumer’s preferences are given by the utility function U(C, l) = ln C + α ln l,where α > 0. Determine the consumer’s choice of consumption and leisure and interpret your solutions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
The smaller the pvalue the stronger the evidence that y...View the full answer
Answered By
Dudhat Vaidehi
I tutored mostly elementary school students privately after school and during the summer. We met in their homes or at the public library. I charged an hourly fee, and I provided any necessary materials.
Having taught in special education in two local schools for many years meant that I had contact with a lot of parents of special needs students. I never had to advertise — word of mouth was how most folks knew of me. At one point I did have a website, but didn't utilize it much. I stayed very busy, especially in the summers, and always had a full schedule. I typically met with each student's teacher in order to get an idea of what the focus of my instruction/remediation should be. Becoming familiar with the student's learning style(s) was also very helpful. Often parents would share records and test results with me. After each tutoring session, I documented the student’s progress and gave parents written updates, as well as phone calls or emails as needed.
While my students and I certainly utilized technology and the internet often during our sessions, I never tutored online or for any tutoring company, so am not familiar with the curriculums or methods used in those settings.
Tutoring one on one was very enjoyable and rewarding. My students and I had fun, and grew quite fond of one another. The extra income was a bonus. I had to retire from tutoring due to a physically handicapping disease, and miss my students very much.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Consider the consumer choice example in this chapter, where consumption and leisure are perfect complements. Assume that the consumer always desires a consumption bundle where the quantities of...
-
Shelly's preferences for consumption and leisure can be expressed as U(C, L) = (C - 200) ( (L - 80). This utility function implies that Shelly's marginal utility of leisure is C - 200 and her...
-
Suppose the current tax system is such that the government takes some fixed percentage t of any labor income that you make. A. Some in Congress have proposed the following alternative type of tax...
-
In a bygone day, airlines issued discount tickets to students who would be willing to fly on a particular day, with no notice, at a discounted price, one needed to show proof of being of student. The...
-
Use PSpice to solve Prob. 4.52. Chapter 4, Problem 52. For the transistor model in Fig. 4.111, obtain the Thevenin equivalent at terminals a-b. O t 6V
-
1. Prove that indifference curves cannot cross. 2. Explain the transitive property displayed by preferences using three consumption bundles: (X, Y), (X2, Y), (X3, Y3) 3. On which indifference curve...
-
A major purpose of the Information Systems Audit and Control Association's Statements on Information Systems Auditing Standards is to: a. Cover temporary gaps in the General Standards for information...
-
1. What is your reaction to the situation described in this case? What factors, both inside the company and externally, appear to have contributed to this situation? 2. What appeared to be happening...
-
L1
-
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $278,000, $314,000, and $208,000, respectively. They anticipate annual profit of $480,000 and...
-
Does purchasing power parity hold in practice in the short run? Why or why not? Does it hold in the long run? Why or why not?
-
In the consumers choice problem, show that at least one good must be normal.
-
Why do the formulas for option prices not depend explicitly on the expected rate of appreciation of one currency relative to another currency?
-
At the beginning of 2019, Brent Company amended its defined benefit pension plan. The amendment entitled five active participating employees to receive increased future benefits based on their prior...
-
Zion wants to compute the total cost for preparing a corporate tax return for his client. His labour is the only direct cost at $71 per hour. He estimates monthly overhead costs at $8,400 for 168...
-
How do external factors, such as economic conditions or industry trends, influence organizational commitment, and how should organizations adapt to these influences ?
-
1. 3 2. MONEYBALL MOVIE WORKSHEET 1 1 1 11 6 7 1. Discuss the Oakland Athletics and what is going on with them? How are they look to change? What marketing techniques are being used to better the...
-
Provide and explain two (2) strategies used to build agency-client relationships below. Activity Strategy 1: Strategy 2: Your answer 1. Discuss three techniques used to identify the needs and...
-
How do you think a furniture manufacturers buying habits and practices would be affected by the specific type of product to be purchased? Consider fabric for upholstered furniture, a lathe for the...
-
(a) Bright Sdn Bhd (BSB) is a tax resident manufacturing company in Johor, which involves in ceramic tiles. Currently, BSBs annual sales turnover has been forecasted to be around RM 300,000 for the...
-
Economists in Funlandia, a closed economy, have collected the following information about the economy for a particular year: Y = 10,000 C = 6,000 T = 1,500 G = 1,700 The economists also estimate that...
-
Three students have each saved $1,000. Each has an investment opportunity in which he or she can invest up to $2,000. Here are the rates of return on the students investment projects: Harry.............
-
Three students have each saved $1,000. Each has an investment opportunity in which he or she can invest up to $2,000. Here are the rates of return on the students investment projects: Harry.............
-
A company has en 11% WACC and is considering two mutually exclusive investments (that cannot be repeated) with the following cash flows: 0 1 2 3 4 5 6 7 + + + F Project -$300-$387 -$193 -$100 $600...
-
You are considering investing in a scholarship fund for your daughter. The fund operates in the following way: Starting in one month's time you would make regular monthly deposits of $50 for a period...
-
A Firm has a stock price of 6 5 and an annual standard deviation of 2 5 % . The risk - free rate is 1 0 % ( c . c . ) . This firm will pay a dividend of $ 8 in exactly 3 months and no other dividends...
Study smarter with the SolutionInn App