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People decide how to “budget” their time in much the same way that they decide how to budget for different goods. Each person decides how much they “value” their leisure time versus their work time. The more people work, the more they tend to value their remaining leisure time. This is the justification for paying overtime to people working over 40 hours per week.
(a) How might we model this trade-off economically using the basic labor supply model by showing the budget line and utility curves or indifference curves? In your graph of the basic labor supply, be sure to identify the optimum point of the budget line and the indifference curve.
(b) Suppose that the government imposes a tax on labor. If a tax is imposed on labor, the worker will perceive this tax as a reduction in his or her wage. For every hour worked, the individual worker receives a lower return on his or her labor. Demonstrate the effects of this tax on labor supply using the graph in part a showing a graph of the income effect and the substitution effect. That is, there are two graphs. Summarize the impacts of this tax on labor.
A no production economy has 2 consumers (A and B) who each consume two different goods (x and y). Person A is endowed with (120,270) and has a utility function Ua(Xa,Ya)=X^(2/3)Y^(1/3). The initial endowment, the IC that go through the initial endowm..
The existence of ability bias causes estimated rates of return to education to _______ the actual rate of return for a typical individual. The existence of ability bias causes estimated rates of return to education to _______ the actual rate of retur..
Alex is willing to buy the last ticket to the Billy Bragg concert for $15, while Jake is willing to pay $25. Alex is first in line and buys a ticket for $15. Alex could sell his ticket to Jake for $20, but he can't because of government regulation pr..
Provide a general overview of U. S. international trade regarding our trade deficit, trade surplus, primary export goods, status with Canada and China, and the U. S. status in the world.
The market for sports performance drinks experienced a big shift in 2012 as sales of low-calorie sports drinks grew by over 25%. Many attributed this shift to greater use by women who wanted a sports drink without many calories.
Which of the following is the definition of the Consumer Price Index (CPI)?
J&M Company is a real-estate developer considering a 40-unit apartment complex in a growing college town. As the area is also booming with foreign automakers locating their U.S. assembly plants the firm expects that the apartment complex, once built,..
You are advising Great Britain about whether it should join the European monetary union. What arguments can you give in support of joining? With arguments can you give against joining?
Assume an economy with an aggregate production function of the form Y = 1.5K. If the nation’s population grows at 5%, the rate of depreciation is 3%, and the savings rate is 8%, what is the steady-state output per capita level?
What is in USD million dollar conversion? Below all number RMD to USD MILLIONS?
The world market demand for gold exemplifies a typical demand relationship. On your answer sheet, draw a graph of the initial market demand curve for gold in the world. Assuming gold is a(n) normal good, a(n) decrease in level of income available to ..
The average cost of production _______ if there are scale economies, and ________ if there are scale diseconomies.
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