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Question 1. Consider Tom's labor supply decision. Tom can earn $15 per hour, but he faces a 20% tax rate and pays $4 per hour in child care expenses for each hour he works.a. What is Tom's 'real' hourly wage rate?b. How much will it be if he had 128 hours of leisure (= worked 40 hours)d. Tom chooses to work 40 hours a week. On the above graph, draw Tom's indifference curves between leisure and money so that this is his optimal labor supply choice.
Question 2. Brad and Angelina are married with kids. Suppose Brad's at-home productivity as a parent is $25 and Angelina's is $40.a. Who has an absolute advantage in the home? How do you know?b. If Brad works in the labor market, he can earn a wage of $500 per hour, while Angelina can earn $600 per hour. Considering comparative advantage, which of the two should specialize in the labor market? Explain.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
A country should engage in international trade when the country can give up fewer goods for imported item than is implied by the item's domestic opportunity cost of production.
Discuss and explain how coaching rather than managing people can enhance a leader's understanding of RQ and therefore provide a better understanding of their followers.
Compute the average product of grain when each amount is used. Determine the marginal product of grain when between 1,200 and 1,800 pounds are fed, when between 1,800 and 2,400 pounds are fed, and when between 2,400 and 3,000 pounds are fed.
Proponents of trade liberalization argue that freer trade might actually improve the quality of the environment
Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost and Average Variable Costs
Determine which of the following is most likely to indicate statistically significant regression coefficient? Assume the price elasticity of the supply of cheese is 0.80. If the price of cheese rises by .20 percent,
Write an introduction that states the purpose of the document; the name of the fictitious company, its location, and its import strategy; and a summary of the subjects that will be covered in the plan.
Discuss and explain the differences between short and long run costs and for the short run, discuss what the relationship is in cost theory and production theory and concept of diminishing returns?
Use Starbucks as the company, please help identify market structure of the organization. Evaluate the effectiveness of this structure for the company.
Write down the difference between Equilibrium price and Equilibrium quantity. What role does elasticity place?
Which of the following would lead to a DECREASE in the demand for tennis balls and marv has a Bachelor of Science degree in mechanical engineering and could be earning $30,000 annually as mechanical engineer.
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