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For each group identified in bold type below, use the labor-leisure choice model to illustrate graphically and then explain the change in the quantity of leisure desired. Be sure to explain how the group’s labor force participation rate is affected.
a) The earnings of married men have decreased, thereby reducing the non-wage incomes of married women.
b) Real wage rates for women have increased. Further, the substitution effect for women is stronger than the income effect.
c) Real wage rates for men have increased. Further, the substitution effect for men is dominated by the income effect.
d) Married women exhibit a stronger preference for market work over other non-market uses of time.
e) Social Security has increased benefits and widened coverage for older citizens.
In exchange for $25000 today I have been promised $12285 per year for 5 years. Inflation has been averaging 8% per year. The inflation adjusted or real IRR is?
Calculate the predicted percentage change in tickets sold. Would you expect ticket revenue to rise or fall.
If you could, how would you alter the way that GDP is defined and measured in the US? Make one recommendation. Explain what the current practice is, how you would change it, and why your proposed change would be an improvement.
How many DVD's will she have to sell to keep the store open for an extra hour to make profit, if each DVD is $12.
One common criticism in the optimal taxation literature is the specification of the social welfare function. The optimal taxation literature (I have the Mirrlees framework in mind) relies on first specifying a social welfare function. what kind of po..
How would the value of output produced at an American-owned factory in the United States and a foreign-owned factory in the United States be treated in GDP accounting?
The normal supply and demand models take the supply and demand of a particular good and show that the equilibrium price is where the two curves intersect. At this point, all the people below the equilibrium point value the good as worth less than the..
q1. pick one important business decision and discuss why knowledge of the state of the economy using macroeconomic
Freemont insurance sells homeowners insurance. In a recent financial review, managers discovered that company performance was lagging behind projections. Does this group have enough information to make a good decision? Suppose adverse selection is at..
What examples of 1) elasticity, including an explanation of why or how they demonstrate the concept of elasticity; and 2) examples of externalities, again including an explanation of why or how they demonstrate the concept of externalities
You are determined to have at least one million dollars on the day you retire. How much will you need to save each year over the next 40 years of your career in order to meet this goal of$1,000,000 assuming you put you money into an account that aver..
Assume that HP is evaluating idea of placing a DC (Distribution Centre) in Europe. What are advantages and disadvantages to this model.
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