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Question: Suppose that a consumer can earn a higher wage rate for working overtime. That is, for the first q hours the consumer works, he or she receives a real wage rate of w1, and for hours worked more than q he or she receives w2, where w2>w1. Suppose that the consumer pays no taxes and receives no nonwage income, and he or she is free to choose hours of work.
a. Draw the consumer's budget constraint, and show his or her optimal choice of consumption and leisure
b. Show that the consumer would never work q hours, or anything very close to q hours. Explain the intuition behind this
c. Determine what happens if the overtime wage rate w2 increases. Explain your results in terms of income and substitution effects. You must consider the case of a worker who initially works overtime, and a worker who initially does not work overtime.
With Milton Friedmans advice in mind, lets go back to explaining what was weird about the survey data where 60% chose Edwards over Obama, 60% chose Edwards over Clinton, 60% chose Clinton over Obama and then when asked to cast a single vote for one o..
television channel operating profits vary from as high as 45 to 55 percent at mtv and nickelodeon down to 12 to 18
According to the interest parity condition, the domestic interest rate falls if the _____ rises, ceteris paribus.
A study of costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: 16AVC = 1.24 + .0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2
Suppose you are given the following information about the market for chocolate chip cookies in Mayville. What is the market demand curve for chocolate chip cookies in Mayville? What is the market supply curve for chocolate chip cookies in Mayville
Explanations of one advantage and one disadvantage associated with using this service from the perspective of the business owner or the customer redeeming the coupons
Suppose that there are two manufacturers of smartphones initially and that this market is in equilibrium. Then, suppose that three new firms enter this market. What do you predict will happen to the equilibrium price and quantity in the market for sm..
Prepare a memo in which you address the advantages and disadvantages of both internal and external staffing methods of a new office that is remote from the main office.
The Justice Department's anti-trust suit brought against Microsoft did not result in the software firm being required to unbundle its Internet Explorer browser from its Windows operating system.
Assume buyers in the used car market are willing to pay $3,500 for a plum used car and $1,500 for a lemon used car. If buyers believe that thirty percent of the used cars.
U.S. growth: On page 50, we noted that the growth rate of per capita GDP in the United States between 1870 and 1929 was slightly lower than 2.0%.
Some of the U.S. troops in Japan realized that they could use dollars to buy up vast amounts of paper currency in China, ship it to Japan to be recycled into paper, and make a substantial profit. Under these circumstances, was the Chinese paper cu..
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