A cruel master owns a productive slave. The master maximizes the profits he make

Question

A cruel master owns a productive slave. The master maximizes the profits he makes from selling produced only using the slave’s labor (24-L). The master does not pay the slave a wage, but he buys yams (y) for him to eat and determines the amount of leisure (L) the slave will have realizing that if the slave's utility level falls to low, he will run away and the Master's profits will fall to zero. The slave has preferences only over yams and leisure. The Master is a price taker in the markets for cotton and yams. The slave has an endowment of 24 hours to be divided between labor and leisure.

Question b) Prove that the Master's demand for yams is a decreasing function of their price, and that the amount of cotton he sells will increase if the price of cotton rises.

Explanation / Answer

Correct Answer: Option (b) The Slave

Explaination:

Inter-Integrated Circuit (I2C) uses master-slave relationships. For communication, Inter-Integrated Circuit uses built-in adressing skim for connecting two different devices. Each device has unique adress associated with itself. The device which starts the communication is called 'master' and the device to which master adresses is called 'slave'. Each slave is responsible for monitoring the bus and making sure it responds only to data and commands that are associated to its own address.

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