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2. 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.3. 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.
What do you expect to happen to your sales. How would you answer parts a and b if you expected a 5 percent increase in income instead of a decrease.
Explain what is the maximum amount of new loans that this bank can make. Show in column 1 how the bank's balance sheet will appear after the bank has lent this additional amount.
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land Elucidate how.
Elucidate how changes in government spending also taxes positively do or negatively affect the economy's production also employment.
illustrate the effects of capital formation by comparing the production possiblility curves at the present time and ten years in the future.
Why does Caterpillar as well as your parents have different opinions about the value of the dollar.
Illustrate what is shop's sales mix Illustrate what is shop's break-even sales volume in dollars. Explain how many bicycles of each type must firm sell to earn a target net income of $50,000.
Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.
One main difficulty examined in the book is the cleanup of hazardous waste sites.
Increase or decrease in the money supply increase the price level to the tolerable range
Write down a formula that describes the marginal product of labor in the short run as a function of the amount of labor used.
If the EU and the United States continue to trade what do you think will characterize goods which the EU exports to the United States and the goods that the United States exports to the EU.
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