Questions tagged [real-analysis]

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Supporting Hyperplane Theorem and quasiconcave utility function

My notes says that if $u(.)$ is strictly quasiconcave and differentiable, by the supporting hyperplane theorem, there exists $p >>0$ and $w \geq 0$ such that $ x = x(p,w)$ $\forall x$. I am ...
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21 views

What problems arise when the minimum wage is directly linked to the inflation rate?

For example if the minimum wage is 10, and the inflation for the year is 3%, then next year the minimum wage is 10*1.03 =10.30. the next year, inflation is 5%, so the minimum wage becomes 10.82. The ...
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23 views

Relationship between strictly convex preference and convex preference

Let X be a convex subset of linear topological space and let binary relation >= be a complete preordering. prove: If preference relation is strictly convex and continuous, then it is convex. Since ...
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2answers
20 views

Real wages fluctuation as per classical economics

I have just started studying Macroeconomics and have noticed that as per the Classical economics, the real wage level will always remain same because any change in price level in the market is ...
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0answers
27 views

Calculating elasticity between log term and non-log term [duplicate]

Given the following, I am asked to calculate the elasticity of wages with respect to age: $$๐‘™๐‘›(๐‘ค_๐‘–)=๐›ฝ_1+๐›ฝ_2๐‘Ž๐‘”๐‘’_i+๐›ฝ_3๐‘Ž๐‘”๐‘’^2_๐‘–+๐›ฝ_4๐‘Œ_๐‘–+๐›ฝ_5๐‘‡_๐‘–+๐›ฝ_6๐‘€๐‘Ž๐‘Ÿ_๐‘–+๐œ–_๐‘–$$ How does one ...
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36 views

Calculating elasticity between terms in a regression equation

Given the following regression: $ln(w_i)=\beta_1+\beta_2age+\beta_3age_i^2+\beta_4Y_i+\beta_5T_i+\beta_6Mar_i+\epsilon_i$ I am asked to calculate the elasticity of wages with respect to age. Is the ...