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Suppose that John Smith gets promoted to a job that causes two changes to occur simultaneously: John earns a higher wage, and a safer environment causes his health to depreciate less rapidly.
How would these two changes together affect John’s desired health capital?
Suppose that John could work 365 days per year and could earn $200 per day for each day he worked. Draw his budget line with respect to his labor-leisure choice.
Suppose that John chooses to work 200 days per year. Draw the appropriate indifference, and note his equilibrium wage income and labor-leisure choices.
Suppose, using information from iii, that John’s wage rises from $200 to $210 per day. Show how his equilibrium level of income and labor-leisure will change. Suppose that John is ill ten days per year. Draw the impact of this illness on the equilibrium defined in iii. How will it change his equilibrium allocation of earnings and labor vs. leisure. Suppose that Nathan’s employer provides a health insurance policy that pays 80% of $1 over the first $100 spent. If Nathan incurs $1,000 in expenses, how much will he pay out of pocket? What percentage of his expenses will this be?
Show on a graph the market supply of labour considering the graphs of willingness to work and ability to work? and what happens to the labour supply when the willingness to work and ability to work changes?
Market demand is given by P = 140 -Q. There are two firms, each with unit costs = $20. Firms can choose any quantity. Find the Cournot equilibrium and compare it to the monopoly outcome and to the perfectly competitive outcome. Why isn’t the latter e..
q. consider a market where demand is p10-2q and supply is pq2. there is a consumption positive externality of 2.5unit
If you want to withdraw $20,000 at the end of three years and $50,000 at the end of five years, how much should you deposit now into an account that pays 8% interest compounded annually?
Which of the following transactions would be recorded as a credit in the U.S. current account?
Jenny, your niece, is a smart high-school student who wants to make intelligent choices for her future. Hearing of your course in business economics,
If you were Chairperson of the Federal Reserve. Show each of the following shocks on an IS-MP diagram. Consumers become pessimistic about the state of the economy and future productivity growth. Improvements in the information technology increase pr..
Many legal standards exist that businesses are required to meet in order to ensure product safety. These standards tend to be well defined, and adherence is a generally accepted risk mitigation strategy. Less quantitative risks exist, often in the ar..
How can it be said that the factor-content approach “reveals” a country’s factor abundance? What assumptions seem crucial for making this inference? Explain.
Describe the transition from short-run to long-run equilibrium in a monopolistically competitive industry.
How do tariffs work? Illustrate by referring to U.S. lumber imports from Canada, suing any set of quantities and prices to make your point. Public housing and public protection are two of many goods that government provides. One is considered a publi..
The production function for puffed rice is- Calculate the Q = 1000 isoquant for this production function and show it on a graph. If K = 10, how many workers are required to produce Q = 1,000? What is the average?
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