managerial economics

Project Description:

a consumer must spend all of her income on two goods (x and y). in each of the following scenario, indicate whether the equilibrium consumption of goods x and y will increase or decrease. assume good x is a normal good and good y is an inferior good.

a. income doubles

b. income quadruples and all price double

c. income and all prices quadruples

d. income is halved and all prices double

question 10 ( some modifications as shown on page 157)

a worker views leisure and income as goods and has an opportunity to work at an hourly wage of $15 per hours.

a. illustrate the worker's opportunity set in a given 24-hour period.

b. suppose the worker prefers to work 10 hours, show the hours of leisure and income earned.

c. if the manager wishes the worker to work more hours after than 10 hours period, what do you recommend that the manager should do?

a) over time or increase the wage rate for all hours worked? explain your choice
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