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A person chooses between leisure and consumption. The utility derived from any combination of leisure and consumption is given by the formula: u = LC - 88C where u is utility, L is the number of leisure hours per week, and C is the number of dollars spent on consumption per week. This person can work as many hours as desired each week, at a wage of $4 per hour. There is no other source of income. a. Suppose the wage increases to $8 per hour. Would this person choose to supply more labor at $8 than at $4? What happened to its utility function? b. Now, instead of an increase in the straight-time wage, suppose overtime is offered at $8 per hour after working 40 hours at $4 per hour. Will this person accept the overtime, and, if so, for how many hours?
Discuss the effect (increase or decrease) of an increase in the tax rate, t, on the equilibrium income Y* using the effect of increasing t on the equilibrium solution.
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
Jay's Silk Printing Co. is located in a small university town. The major portion of their business is custom printed sweatshirts for university bookstores. As a sideline, they also retail sweatshirts locally. The local demand for sweatshirts is: Q..
Firm XYZ measured its MP of labor curve to be the following: MP = 4000 - 2L where L is the number of hours of labor hired per day. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labo..
How many units should each plant produce to maximize profit at that price and a perfect competitive firm faces a market price of $10 for its output X
Consider two ways to protect your car from theft. The Club(a steering wheel lock) makes it difficult for a car theif to take your car. Lojack(a tracking system) makes it easier for the police to catch the car thief who has stolen it.
Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes
a.) Illustrate using a fully labeled supply and demand graph (label all the axes and any lines you put in your graph) what such an artificial price looks like. b.) Explain what the results of such a move are for the graham cracker market. ..
If the government subsidizes private colleges and sets the subsidy so that the efficient number of students will enroll in college, what is the subsidy per student? How many students will enroll?
Use supply and demand analysis to describe why equilibrium price of apples will increase and the equilibrium quantity will fall if an excise tax is levied on apples.
What are the primary types of risk that investors or companies exposed to when dealing in the international financial markets What are the primary ways one can protect themselves from this risk
There are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic".
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