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Consider your decision about how many hours to work.
a. Draw your budget constraint assuming that you pay no taxes (and receive no subsidies) on your income. On the same diagram, draw another budget constraint assuming that you receive a 20 percent subsidy (that is, for every dollar you receive in labor market earnings, the government gives you 20 cents). This is a negative income tax, and is akin to several programs run at the state and federal levels to combat poverty.
b. Show how the negative tax (i.e. subsidy) might lead to more hours of work, fewer hours, or the same number of hours. Explain. In your explanation (and using graphs), describe (and show) the substitution and income effects.
Similarities in the definitions of management quoted from authors of management textbooks
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Trading partners should specialize production in accordance with comparative advantage, then trade and diversify in consumption because
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Suppose that a rm has the production function given by f(x1,x2)=4SQRT(x1*x2) Let w1 = $64 and w2 = $1. What is the total cost of producing 20 units of output in the long-run?
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There are many brands of laundry detergent, all equally effective. Would you expect the elasticity of demand for any particular brand to be high or low? Explain.
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