Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 4. which one of marshall's rules suggests why labo

4. Which one of Marshall's rules suggests why labor demand should be relatively inelastic for...

80.2K

Verified Solution

Question

Accounting

imageimage

4. Which one of Marshall's rules suggests why labor demand should be relatively inelastic for public school teachers and nurses? Explain. Shelly's preference for consumption and leisure can be expressed as U(C,L)=(C 100) (L40). Shelly earns $10 per hour after taxes. She also receives $320 worth of assistance benefits each week regardless of how much she works. (a) Graph Shelly's budget line. (b). What is Shelly's marginal rate of substitution when L=100 and she is on her budget line? (c). What is Shelly's reservation wage? (d) Find Shelly's optimal amount of consumption and leisure

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students