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Let Y represent income and L represent hours of leisure. Mike's utility for income and leisure is U(Y,L) = Y x L so that marginal utility of leisure = Y and the marginal utility of income = L. Total hours available for leisure and work in any given week = 80. He earns $15 per hour.
A) Calculate mike's optimal amount of income and leisure if he has no non labor income.
B) If the government starts a income maintenance policy that pays $X to all non workers and $0 to all workers, at what value of $X will Mike opt out of the labor force and go on welfare.
Other things being equal, woudl this tend to increase planned expenditure in the United States by exactly, more than, or less than $50,000? Would it shift the aggregate demand curve to the right, the left or not at all? Explain in detail.
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How might this potentially benefit students? What problems might high schools and colleges face in trying to help students evaluate the future earnings' prospects of various jobs?
Elucidate how did it manifest itself. If the person received counter conditioning to correct the condition, Illustrate what were the results
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