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Cara has available h = 3000 hours per year for participating in the labor market and for leisure. She gets a wage w = $18 for the first 2,000 hours of work. If she works more than that, the wage on the additional hours is increased by 50%. She receives dividend income of = 3000 and pays a tax of T = 2000.
(a) Plot her budget constraint.
(b) Cara works 2,200 hours per year. Assuming her choice is optimal, demonstrate on a graph. What is her MRS?
(c) Cara's stocks are doing well and his dividend income went up by $1,000. She chose to work 1,800 hours. It is surprising that a relatively small change in income led to a big change in hours worked. Explain graphically.
If average total cost of producing wheat is $8 and cost of wheat is $6, illustrate what would you advise farmer to do.
Evaluate the U.S. nursing shortage in terms of demand and supply.
What empirical method generally is used to measure the degree to which products substitute for each other?
Suppose that Portugal and Austria consider trading stained glass and fish with each other. Portugal can gain from specialization and trade as long as it receives more than of fish for each pane of stained glass it exports to Austria. Similarly, Aus..
A bookkeeper makes a significant posting error, which she later discovers and corrects. In fear of losing her job, she does not report the mistake to her supervisor. How should the employee have handled this situation and what should the supervisor d..
What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced?
Suppose you decide to elicit high CEO effort when and if bad luck occurs by paying bonus for $500 million outcomes. Illustrate what criticism can you see with this incentive contract plan.
Illustrate what is approximately the maximum amount the rm is willing to pay to be allowed to use e more units of input x, for e small
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Illustrate what is OPEC's optimal level of production? Illustrate what is the prevailing price of oil at this level.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
q1. assume the following model of expenditure sectorsp c i g nxc 420 45yd yd y - ta tr ta 16ytr0 100i0 160g0
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