2nd Year Macroeconomics Chapter 4

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9 Terms

1
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Consumer Time Constraint

L + NS = H

2
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Conusmer's Budget Constraint [1]

C = wNS + 𝜋 − T

3
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Conusmer's Budget Constraint [2]

 C = w(h - l) + 𝜋 − T

4
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Current Work-leisure Optimal Consumption Bundle

MRSl,C = w

5
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Labour Supply Curve

NS(w) = h – l(w)

6
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Perfect Complements Goods Market Ratio

C = al

7
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Current Production Function

Y = zF(K, ND)

8
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Labour Market Profit Maximization Condition

MPN = w

9
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Labour Market Profit Formula

Π = zF(K, Nd) - wNd