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Income and Substitution Effects. Sabrina works for a workers cooperative that initially pays her a lump sum of $200 per week (as long as she works at least 15 hours per week) and a wage of $20 per hour of work. She initially works 40 hours per week. Suppose the cooperative changes its pay plan by increasing the lump-sum payment to $280 and decreasing the hourly wage to $18.
a. If Sabrina continues to work 40 hours per week, how does the change in the pay plan affect her total income?
b. Use the concepts of the income and substitution effects to predict whether Sabrina will work more hours, fewer hours, or the same number of hours. (Hint: Is there an income effect to consider?)
You are planning to build a new home with approximately 2,000-2,500 gross square feet living space on one floor. In addition, you are planning an attached two car garage (storage space) of approximately 450 gross square feet.
You are interviewing three people for one sales job. On the basis of your experience and insight, you believe Jane can sell 600 units a day, Joe can sell 450 units a day, and Joan can sell 400 units a day. The daily salary each person is asking is..
Return again to the cartel in Problems 4 and 5. Now suppose that the market game repeated indefinitely. What is the discount factor (sigma) is necessary now in order to maintain the collusive agreement in an indenitely repeated setting
Suppose that the eye doctor offers senior residents a discounted price for an eye exam. The demand function for senior residents is Qs = 50 - Ps, and the demand function for the general public is Qg = 60 - Pg. The marginal cost for an eye exam is ..
How is this possible, when the wages of skilled labor are rising in the United States as a whole? What argument would trade economists make against seeing these wage cuts as a reason to block outsourcing of computer programming?
Discuss the relationship in the price and quantity demanded in question four on a graph. Is the relationship direct or inverse?
My brother has a house worth $400,000 and he has no mortgage as it is paid off! His utility bills and insurance and maintenance cost him about %500 per month and property taxes another $500 per month. He claims it only costs him about $1000 a mont..
Calculate output per worker and consumption per worker for each country. Which country has the highest output per worker? The highest consumption per worker?
A Whoey option pays the difference between the final price and the maximum price of a stock over the period of the option. For example, if the price of a stock is 200, 220, and 234 in the previous periods (here periods 0, 1, and 2), the maximum pr..
Characterize the equilibrium number of varieties (at which all monopolistically competitive variety producers make zero profits) and compare this number with the answers to the previous two parts. Explain the sources of differences between the equ..
1. john davis a recent ie graduate from tennessee technological university bought an suv for 30000 with a down payment
Suppose that a perfectly competitive firm faces a market price $10 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,200 units. If the firm produ..
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