She has $8 per day of non-labor income, and she works at a job that pays $8 per hour. Her preferences over leisure timeR and dollars spent on consumptionCare represented by the utility functionU(C,R) = CR. What is her optimal level of daily expenditure on consumption, her optimal leisure time, and the amount of time she devotes to work? Sketch her budget line in blue ink in leisure-consumption space with leisure on the horizontal axis and consumption expenditure on the vertical axis. Next suppose that Xiao-Ping’s non-labor income increases to$16 per day. Sketch her new budget line in red ink, and calculate her new optimal levels of consumption and leisure. How much does she work now? Calculate the total income and substitution effects on leisure and consumption due to the change in her income. (You do not need to decompose the total income effect into ordinary and endowment income effects.) Please complete all parts to the question and show all work.
determine the appropriate manner in which to regulate, petitioners have alleged that, under the authority granted by the regulations, the FDA has adopted a policy of testing all lots for compliance with safety standards and of preventing the public distribution of any lot that fails to comply, and that, notwithstanding this mandatory policy, the FDA knowingly approved the release of the unsafe lot in question. Accepting these allegations as true, as is necessary in reviewing a dismissal, the holding that the discretionary function exception barred petitioners’ claim was improper, since the acts complained of do not involve the permissible exercise of discretion to release a noncomplying lot on the basis of policy considerations. Pp. GO>545-548.
June 9, 2020
9:49 pm
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