Sketch daily budget constraint
Q1) Assume Michael receives $50 per day as interest on inheritance. His wage rate is $20 per hour, and he can work maximum of 16 hours per day at his job. Sketch his daily budget constraint.
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Demand for wheat in USA given by Demand: QUS = 900-20P, while demand for wheat in Europe is given by QEU = 1800-30P. Deduce and draw aggregate demand schedule.
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1st firm sold merchandise on credit to 2nd firm for $1,000 on July 1, with terms of 2/10, net/30. On July 6, 2nd returned $200 worth of merchandise stating the materials was defective.
Assume Michael receives $50 per day as interest on inheritance. His wage rate is $20 per hour, and he can work maximum of 16 hours per day at his job. Sketch his daily budget constraint.
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