Question: Where is a Ramsey model consumer's optimal decision located on a diagram? O At the point where an indifference curve crosses the PPC twice. O

Where is a Ramsey model consumer's optimal decision located on a diagram? O At the point where an indifference curve crosses the PPC twice. O At a point on an indifference curve that is just

Where is a Ramsey model consumer's optimal decision located on a diagram? O At the point where an indifference curve crosses the PPC twice. O At a point on an indifference curve that is just barely above the production function. O At a point on an indifference curve that is everywhere below the PPC. At any point where two indifference curves cross. O At the point where an indifference curve is just barely touching the PPC. Suppose your nominal wage is $15/hour and the price of gold is $39.65/gram. What is the relative price of your time in terms of gold? Just report the number, not the labels. Round your answer to the second decimal place. The table provides part of an output schedule for a representative consumer/firm in the Ramsey model. The price of goods output is normalized to one. Labor (1) Goods Output (y) 2 16 3 18 4 21 5 25 Recall that the marginal product of the next unit of labor is the slope of the production function, when the production function has labor as its variable input. What is the equilibrium real wage rate, w, associated output y = 3? Just report the number, not the label. Report your answer as a whole number

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