Reference no: EM131102176
Please answer and explain in detail
1) Explain what is meant by the reservation wage and the effect of an increase in non-labour income has on it, if leisure is a normal good.
2) Jan is a utility maximizing worker, who has no non-labour income. Leisure is a normal good for Jan.
a) Graphically depict and explain the choice of income and leisure Jan would make.
b) Show what would happen to these choices if she where to get some non-labour income.
3a) Derive the backward bending labour supply curve for an individual. Explain why it has this shape.
b) Suppose a government imposed an employment tax. That is upon entering the labour force an individual had to pay lump sum tax. (If they don't work they don't have to pay the tax). How would this affect the individuals labour supply curve.
4) Explain how a negative income tax welfare scheme would have lower negative work incentives then a welfare scheme that subsidizes the income of low income individuals up to a minimum standard.
5) Suppose that the wage of an individual increases. Using a One period model of household production, explain the effect this would have on the full price of household produced commodities and the effect on the households supply of worktime.
6) Explain the effect of a wage increase on the supply of labour at the market level.
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