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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.
over the subsequent months, they changed their minds and discontinued the experiment. How did the timing affect their conclusion about the profitability of increasing prices?
You expect to live in a house you are planning to own for 5 years, with a $300K loan. You could get a 3/1 ARM amortized over 15 years at 3.9 % or a fixed 15 year loan at 5.0%. Assume the upfront costs and insurance under both loan options are the sam..
What are the main advantages and disadvantages of the ethnocentric, polycentric, region-centric, and geocentric approaches to staffing policy? When is each approach appropriate? Be sure to relate the different global staffing approaches to strategy. ..
Suppose Jake would like to invest $3,000 of his savings. Suppose RoboTroid, a robotics firm, is selling stocks to raise money for a new lab—a practice known as 1) __________ (DEBT or EQUITY) finance. RoboTroid earns revenue when Jake purchases 100 sh..
An upward or downward movement along a given demand curve or involves an outward or inward shift in the relevant demand curve for housing.
If lenders expect a higher rate of inflation, then
Aerotron Electronics is considering the purchase of a water filtration system to assist in circuit board manufacturing. The system costs $40,000. What is the internal rate of return of this investment? What is the decision rule for judging the attrac..
A company that produces toys is considering backward integration into production of a certain type of oil, an important component in making the rubber-like material required for the toys. This oil is traded in world commodity markets and its price fl..
A common news story in any jurisdiction with single payer health care systems - for example, in Canada their socialized system does not allow private health care alternatives - is the battle that pits the government health system's refusal to pay for..
Unlike the traditional mortgage amortization schedule, "negative-amortization" mortgages permit the:
If you were responsible for setting the NAAQS for lead, what key determinants would you consider if the standard were established to meet the efficiency criterion. Be sure to itemize separately the benefits and costs associated with your decision.
The countries of Aurora and Solaria have the same fundamentals, but Aurora is twice as rich as Solaria. In the context of the Solow model: (a) Which country will have the higher growth rate in the short run? (b) In the long run? Note: Use diagrams to..
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