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2. Consider Tom's labor supply decision. Tom can earn $15 per hour, but he faces a 20% tax rate and pays $4 per hour in child care expenses for each hour he works.a. What is Tom's 'real' hourly wage rate?b. How much will it be if he had 128 hours of leisure (= worked 40 hours)d. Tom chooses to work 40 hours a week. On the above graph, draw Tom's indifference curves between leisure and money so that this is his optimal labor supply choice.3. Brad and Angelina are married with kids. Suppose Brad's at-home productivity as a parent is $25 and Angelina's is $40.a. Who has an absolute advantage in the home? How do you know?b. If Brad works in the labor market, he can earn a wage of $500 per hour, while Angelina can earn $600 per hour. Considering comparative advantage, which of the two should specialize in the labor market? Explain.
Canadian GDP whether measured by the value added approach, the expenditure approach, or the income approach.
Briefly elucidate why magnification effect plays an important role in predicting where various groups in economy will support or oppose international trade.
WSJ's Justin Lahars reports that counties throughout the U.S. have seen employment declines that can be attributed to the importing of inexpensive goods from China.
Q. Explain how and why a monopoly would try to price discriminate. Serving food on weekdays to business people and retired people.
If each nation grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in terms of average income.
If the manager of impact industries decides to produce 240 units, illustrate what will the long-run total cost also long-run average cost of producing 180 units.
Explicate why the PPF before the war is different from the PPF after the war. Explain how you appraise the role of modern government.
Suppose that a change in the expected inflation rate leads supply and demand to adjust so that the expected real interest rate is unchanged at 3.0 percent.
Explain if rewards are tailored towards individual, group, and / or company performance. Explain how you as HR manager will create an incentive pay program that will motivate employees.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
Assume the market for cough syrup is in equilibrium. Now, suppose the government imposes a price ceiling that is above the original equilibrium price. Illustrate what are the economic effects of the price ceiling?
Red Ball Production's taxable income in 2005 was $500,000. Illustrate what amount of state income tax did Red Ball Productions owe.
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