Economics Homework Help
University of Miami Utility of Consumption and Nonlabor Income Labor Economics Worksheet
I’m working on a Economics exercise and need support.
1.Jen’s nonlabor income is V=$98 per week and her total time available in the week is T = 110 hours. Her marginal utility of leisure is MUL = 33/ L0.8, and her marginal utility of consumption is MUc= 3/C0.2. What is her reservation wage? (please keep 1 decimal point)
2.Jack’s marginal utility of consumption is MUc = L – 74, and the marginal utility of leisure is MUL=C-155. Jack does not have any nonlabor income, i.e., V = 0. Jack faces a $40 an hour wage rate. Jack’s total number of hours available per week is 168. What is Jack’s optimal choice of hours of leisure? (calculate to 2 decimal places)
3.Based on BLS website, the total number of employed males in the civilian labor force in the U.S. in 2019 is _____ million. (keep one decimal place)
