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Most individuals do not take a second job (moonlight), even if they can get one-say, as a taxi driver-even though their "basic job" may require them to work only 37 hours a week. Most moonlighting jobs pay less per hour than the worker's basic job. Draw a typical worker's budget constraint. Explain why the budget constraint has a kink at 37 hours of work. Discuss the consequences of the kink in the budget constraint.
Obtain standard errors of your estimates in part (a) using the Wild bootstrap with and using the bootstrap (with B = 9; 999) test H0 : 2 = 0 vs. H0 : 2 = 0 at the 5% level.
Suppose the inverse demand for a product is Q = ?P 1/2 + 10. Write the expression for the demand curve, i.e., P = f(Q). What kind of expression is this?
1. Find the Cartel solution (total output and price) and compute the firms profits assuming equal split (each rm producing half of total output). 2. Find and draw on a graph the firms reaction functions.
How does this affect the HR manager's hiring decisions?
Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand.
Determine the amount of consumer surplus, producer surplus and net social welfare generated in this market. Evaluate how your answer for Consumer Surplus in part B would change if QD =11000 - 500P instead?
Show that capital income taxes have no effect in the former, while they depress the effective capital-labor ratio in the latter. Explain why there is such a difference.
Assume that two rms (A and B) produce identical products in a market. The (inverse) market demand curve is P = 240 -Q where Q is total output from both firms Q = qA + qB. Firm A has a total cost function TCA = 100qA and firm B has total cost funct..
A small company expects to produce 8,000 items in the upcoming year. The current material cost is $5.25 each. 14 minutes of direct labor are required per unit. Workers are paid $7.50 per hour. 2,133 direct labor hours are forecasted for the produc..
Instead of the ration in the preceding question, suppose that the government increases taxes on gasoline, in addition to the market price increase
All costs are given in thousands of dollars and negligible salvage values are assumed at the end of a 50-year life. Using a social interest rate of 8% in the Benefit/Cost analysis, determine which project(s) should be selected if the alternatives ..
If the costs are expected to increase by $250 each year for the next 4 years (i .e., through year 5), what is the equivalent annual worth of the costs (years 1 through 5) at an interest rate of 18% per year? Please use P=A(P/A, i, n) or whatever y..
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