10 Jul Econ 3345B Tax problems solving and slight explanation
Question Description
What I am looking for that makes it easiest for me, if you can provide me solutions of these questions with a little explanation then I can look them over and review it and use them for other questions
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Bill’s enjoyment from consumption, C, and leisure, L, can be described by the utility function: U(C,L) = 10C1/4L 3/4. Bill can work up to 80 hours a week and can work up to 50 weeks in the year. He earns minimum wage, $11 per hour. The composite consumptions good and be purchased for $1.
A) How many hours does Bill work each year? What are his total market earnings? Provide a complete solutions to the problem.
B) At what wage is Bill indifferent between working and not working? Explain.
C) Bill’s brother Will is the favourite child in the family. He receives 10000 every year from his parents because his parents think why not. Redo parts A and B for Will.
D) Draw the labour supply curves of Bill and Will.
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