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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.
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