Question: Urgent Need Problem help for this midterm assignment PROBLEM #5 Jamie enjoys consuming both tea and coffee. Jamie sees one cup of coffee as a

Urgent Need Problem help for this midterm assignment

PROBLEM #5 Jamie enjoys consuming both tea and coffee. Jamie sees one cup of coffee as a perfect substitute for four cups of tea With coffee on the vertical axis and tea on the horizontal axis, sketch Jamie's typical indifference curves. Be sure to clearly label the indifference curves. What is the slope of each indifference curve? Suppose the price of coffee is twice the price of tea On your graph, sketch a budget line reecting these relative price ratios. On your graph, identify Jamie's utility-maximizing choice under these conditions; label this solution \"E\" on your graph. Briey explain your

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=+ a. Derive the equation describing labor demand in this economy as a function of the real wage and the capital stock. (Hint: Review Chapter 3.)

=+ The economy has 1,000 units of capital and a labor force of 1,000 workers.

=+ b. If the real wage can adjust to equilibrate labor supply and labor demand, what is the real wage?