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Problem 1. Overemployment and overtime One institutional constraint that workers face in the labour market is being required by their employers to work a ?xed number of hours (eg. 40 hours a week). Some workers may prefer to work fewer hours at the going wage rate. These workers are deemed to be "overemployed".
Part (a). Please draw an income-leisure graph that describes this overemployment situation.
Part (b). As this worker is already overemployed at the existing wage rate, she is unlikely to willingly work additional hours at this wage rate. Please draw an additional income-leisure graph that illustrates the overtime premium that employers may offer workers to induce them to work additional hours.
Part (c). Describe the substitution effect and income effect that result from an employer offering an overtime premium. Hint: are the two effects large or small?
1. The factor endowments model predicts an increase in wealth inequalities as a result of openness to trade due to the increase in the return on capital.
The point of minimum average cost is referred to as the capacity of the firm. Yet we draw the average cost curve extending both to the left and to the right of this point. The firm can operate below capacity, but how can a firm operate above capacity..
If we normalize the price of bread to 1, for an arbitrary ale price p (relative to bread), given Ann's endowments, what is the demand for ale and bread for Ann?
Henry initially consumes the quantity of pens and pencils shown as B in figure 2. After the prices of both goods change, he buys combination A. From figure 2 and these facts, it must be true that . . .
What actions has the Federal Reserve taken to try to pull the United States out of this economic down turn?
Calculate the price elasticity of demand for Einstein%u2019s Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins%u2019s Bagels.
A probability experiment consists of rolling a 6-sided die. What is the probability of rolling a number less than 6.
The probability that you receive an Athletic scholarship is 0.18. The probability of receiving both scholarships is 0.11.
Suppose the market for chewing gum is perfectly competitive, the demand is Q=20-P, and the supply is Q=-4+2P.
What accounts for the differences in easticity? Would everyone's demand easticily for these goods be about the same? Why
Podunk, Inc. has been making widgets by hand (using no machinery at all) for years. Their production function has been q=0.9L. Recently, they purchased high-tech machines to aid the workers. Unfortunately, none of the workers can figure out how to us..
the impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following
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