Scientifically arrenged months of ethiopian and arbitrarly arranged months of gregorian
Literature shows that the economics of leap year day is not discovered in the western world. One choice that still survives is to determine how long to work. How should the 7 X 24= 168 hours of the week, or the 52 weeks of the year, is divided between market work and “leisure”? The individual maximizes utility in the choice of hours of work, using an indifference curve. How an individual divides his 168 hours per week between work and leisure? Assume the individual possess only wage income. This budget equation has the formula money income equals wage rate multiplied by hours of work (168-leisure). Money income is the function of hours of work. Thus equilibrium point where utility is maximized, the worker works certain hours and receives a money income of Birr (Stigler, 1996:98-100). The simplest and most common way to describe of a firm is the production function. Production function is the process of transforming inputs into output and services per period of time. A firm produces outputs from various combinations of inputs. How do economists measure inputs and output? It is usually most satisfactory to think of the inputs and output as being measured in terms of flows: a certain amount of inputs per time period are used to produce a certain amount of outputs per unit time period. It is a good idea to explicitly include a time dimension in a specification of inputs and outputs. For example, if we measure labour time in hours per week, we would want to be sure to measure capital services in hours per week, and the production of output in units per week (Varian, 1992: 1-2). According to the above two theoretical models the worker works and earns only 364 days (=52 x 7). Therefore, the economics of leap year day is not discovered because a year has not only 52 weeks but also 1 day in an ordinary year and 2 days in a leap year. Nevertheless, economists may also want to distinguish inputs and outputs by the calendar time in which they are available, the location in which they are available, and even the circumstances under which they became available. By defining the inputs and outputs with regard to when and where they are available, we can capture some aspects of the temporal or spatial nature of production. For example, concrete available in a given year can be used to construct a building that will be completed the following year. Similarly concrete purchased in one location can be used in production in some other location (Varian, 1992:2). The information in the schedule is of some interest, but has no operational meaning unless we can translate into calendar terms the concept of a period [Musgrave, 1959:504]. This statement shows the information written in the income tax schedule cannot be described unless one does know the period of time in the calendar. In fact, calendar is generally defined as system of measuring time for the needs of civil life, by dividing time into days, weeks, months, and years. Calendar divisions are based
