Suppose two individuals A and B each have 10 hours of labour to devote to producing either ice cream (x) or chicken soup (y). A’s utility function is given by whereas B’s utility function is given by The individuals do not care whether they produce x or y, and the production function for each good […]

Suppose that Bear Grylls produces and consumes fish (F) and coconuts (C). Assume that, this month, he has decided to work 200 hours and is indifferent as to whether he spends this time fishing or gathering coconuts. Bear Grylls’ production for fish is given by and for coconuts by where lC and lF are the number of

In the country of Rotorooa there are two regions, A and B. Two goods (x and y) are produced in both regions. Production functions for region A are given by here lx and ly are the quantities of labour devoted to x and y production, respectively. Total labour available in region A is 100 units; that is,

The relationship between social welfare functions and the optimal distribution of individual tax burdens is a complex one in welfare economics. In this problem, we look at a few elements of this theory. Throughout we assume that there are m individuals in the economy and that each individual is characterised by a skill level, ai,

The elements of labour supply theory can be derived from an expenditure-minimisation approach. Suppose a person’s utility function for consumption and leisure takes the Cobb–Douglas formThen the expenditure-minimisation problem is a. Use this approach to derive the expenditure function for this problem. b. Use the envelope theorem to derive the compensated demand functions for consumption

In South Africa the government introduces a child support grant to unemployed families of R6000 per year. This grant is reduced by R0.75 for each R1 of other income the family has. a. How much in welfare benefits does the family receive if it has no other income? If the head of the family earns

A monopsony in the garment district faces a supply curve for workers given by where l is the number of workers hired and w is their hourly wage. Assume also that the firm’s labour demand (marginal revenue product) curve is given by a. How many workers will the firm hire to maximise his profits, and

Section 2: Please answer the following question in essay form (introduction, main body & conclusion). A good answer will pull together material from several lectures, films and readings – don’t forget to provide examples to support your argument(s). (This section is worth 70% of the total exam grade). Please note that the essay should be

A new group called Global Rights for All Peoples (GRAP) has hired you to be a social movement consultant. Provide a plan of action for this new transnational movement that includes your best advice for what kind of organization they should establish, how to recruit participants, how they should present themselves to the public, and

Section 1: Thesis Statement Essay – 5 points WRITE A 2-3 PAGE THESIS ESSAY IN RESPONSE TO THE FOLLOWING PROMPT: What does (name of your author) tell us about the human being, God, and/or the relationship between God and the human being? You have worked on the tools to develop a thesis essay response throughout