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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.
It’s your 1st yr in college and you have agreed to loan a friend you met $3,000, which your friend will pay you back for at the end of your 4 years. How much will your friend pay you at the end of the 4 years? How much would this annual payment be at..
Recently I began thinking about why the use of tokens for money is so popular. In casinos, I think that it is well justified, but there are some cases when those arguments are not useful. For example, why would an amusement park make you buy tickets ..
As Kyle conducts his annual evaluations of his employees, he notices that Connie and Debbie have both been less productive since they were relocated in the same department. Kyle is in what stage of the managerial decision-making process? With communi..
A binding price ceiling...
ECO 314 - Energy and the Environment Assignment - Select five countries that have significant renewable energy programs, other than the ones above. Your selection of countries is part of your research problem. (I will not provide suggestions.)
Describe your matter, with a brief summary of the key things which make your matter interesting. Illustrate what are the key positive also normative questions surrounding your matter.
If the economy's real GDP doubles in 18 years, we can...
A major producer of consumer goods set out to forecast the price of fresh salmon three years ahead. Such a forecast was needed in deciding whether the firm should enter the business of supplying salmon. The firm's analysts estimated the quantity of f..
He goes to his pal "Hammerhead" the loan shark who loans him $10,000 for a year. Illustrate what is true effective interest rate per year.
Suppose that a school district pays all high school teachers with the same years of experience the same salary, regardless of teaching field, and that this produces a surplus of History and English teachers, and a shortage of Science and Math teacher..
During the first quarter, we made several decisions resulting in a $13 million charge to earnings. A new accounting pronouncement, FAS 121, required the Company to take a $7.5 million charge. What earnings management strategy appears to have been use..
The distribution of the weekly production is approximately normally distributed with a standard deviation of 60 units. If the bonus is paid on the upper 5 percent of production, the bonus will be paid on how many units or more.
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